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Tuesday, April 25, 2006
Maxwell Technologies in China - Licenses Ultracapacitor Technology & Forms Manufacturing Alliance

MAXWELL TECHNOLOGIES LICENSES ULTRACAPACITOR TECHNOLOGY TO SHANGHAI POWER UTILITY AND MANUFACTURING GROUP TO ACCELERATE PENETRATION OF CHINESE MARKET

License Grants Rights to Manufacture and Market Products Based on Maxwell's Large Cell and Multi-cell Module Technology in Mainland China and Includes Sole Source Supply Contract for Proprietary Electrode Material

Rossens, Switzerland - Maxwell Technologies, Inc (Nasdaq: MXWL) announced today that it has signed a contract with Shanghai Urban Electric Power Investment Development Corporation (SUEP), granting SUEP a license to manufacture and market ultracapacitor products based on Maxwell's proprietary large cell and multi-cell module technology under its own brand
in mainland China. The contract, which also obligates SUEP to source ultracapacitor electrode material exclusively from Maxwell, has a six-year term, renewable by mutual agreement.

Dr Richard Balanson, Maxwell's president and chief executive officer, said that while Maxwell also is targeting the Chinese market with its own BOOSTCAP ultracapacitor products, the alliance with SUEP is expected to accelerate large cell ultracapacitor products' penetration of that large and rapidly growing market and generate significant sales of Maxwell's
proprietary electrode material.

"There is strong and immediate demand in China for ultracapacitor-based energy storage and power delivery solutions," Balanson said. "SUEP's financial resources and its network of affiliated power utility and manufacturing companies and distribution channels will enable it to expand ultracapacitor sales into the Chinese industrial and transportation markets
more broadly and rapidly than Maxwell can on its own. We expect this relationship to generate high-volume sales of our electrode material, and in time, it may also provide an additional option for offshore manufacturing capacity to meet growing worldwide demand for our BOOSTCAP products."

Mr An Bao Li, SUEP's president and senior economist, said that when the group recognised the large Chinese market potential for ultracapacitor products and researched potential avenues to enter the business, it identified Maxwell as the industry's technology leader and proposed an alliance between the companies.

"We concluded that licensing Maxwell's intellectual property for ultracapacitor cell and module architecture and its manufacturing know-how and entering into a supply agreement to obtain a reliable supply of high quality, low-cost, electrode material would be the best path to success," Li said. "We plan to use ultracapacitors to enhance the reliability and efficiency of the electric power utility infrastructure we own and maintain in Shanghai, and we see many opportunities to market ultracapacitor-based solutions to transportation and industrial customers throughout China. As a result of this collaboration, we have created a new company, Shanghai San Jiu Electric Equipment Company, Ltd, to manufacture and market this exciting product family."

Balanson said that Maxwell will provide training for San Jiu personnel in cell and module assembly both at Maxwell's manufacturing facility in San Diego, and at San Jiu's new plant in Shanghai. He emphasised that Maxwell will continue to manufacture its proprietary ultracapacitor electrode material internally, and that the licenses and technology transfer
arrangements with SUEP and San Jiu specifically exclude Maxwell's carbon film electrode technology.

Shanghai Urban Electric Power Investment Development Corporation is an investment group whose diverse interests are focused primarily on innovative technologies and products aimed at enhancing the efficiency and environmental compatibility of electric power generation and distribution. It conducts business through 24 wholly owned manufacturing and electric
power utility infrastructure companies and seven joint ventures with Japanese and Swedish partners who share its commitment to developing and commercializing "green" power solutions.

About Maxwell Technologies:
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP® ultracapacitor cells and multi-cell modules and POWERCACHE® backup power systems provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications.
Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers
that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit http://www.maxwell.com.

Media: Nick Daines, +44 (0)115 841 2109; Email: ndaines@insightmkt.com Sales & Technical: Dr. Adrian Schneuwly, +41 (0) 26 411 85 50; Email:aschneuwly@maxwell.com

 

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