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Insight Marketing - Client News
Wednesday, January 31, 2007

Shanghai Sanjiu Electric Equipment Co. Preparing to Launch Ultracapacitor
Product Line Based on Maxwell Cell Architecture for Transportation, Utility
and Industrial Markets in Mainland China

Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has
received a purchase order for 100,000 square meters of its proprietary
ultracapacitor electrode material from Shanghai Sanjiu Electric Equipment
Company, Ltd., (Sanjiu) which is preparing to introduce a line of
ultracapacitor products based on Maxwell's cell architecture and
high-performance electrode for the Chinese transportation, electric utility
and industrial markets, with a specific focus on Shanghai.

The order is to be filled over the balance of 2007, based on Sanjiu's
planned production of 100,000 large cell 3,000 farad ultracapacitors cells
for the year. It was placed under the terms of an April 2006 ultracapacitor
technology license and exclusive electrode material supply agreement between
Maxwell and Sanjiu's joint venture parent companies, Shanghai Urban Electric
Power Investment Development Corporation (SUEP) and the Ruihua Group.

Dr. Richard Balanson, Maxwell's President and Chief Executive Officer, said
that while Maxwell has been establishing separate manufacturing facilities
and its own sales and distribution organization to market Maxwell's
BOOSTCAP® ultracapacitor products in China, the alliance with Sanjiu will
accelerate penetration of the very large and rapidly growing Chinese market.

"The financial resources of Ruihua and SUEP and their networks of affiliated
power utility and manufacturing companies and distribution channels will
enable Sanjiu to expand ultracapacitor sales in China more broadly and
rapidly than Maxwell could on its own," Balanson said. "In addition to
generating high-volume sales of our electrode material, this relationship
may also provide an additional future option for offshore ultracapacitor
assembly capacity to meet growing worldwide demand for our BOOSTCAP

Mr. Hong Yuan Shuai, Chairman and Chief Executive Officer of the Ruihua
Group, said that Sanjiu already has produced and delivered a variety of
prototype electric and hybrid buses, trucks and other vehicles powered by
drive systems employing a combination of batteries and BOOSTCAP
ultracapacitors for energy storage and regenerative braking. He noted that
Sanjiu also is developing ultracapacitor-based power conditioning systems to
enhance the reliability of electric utility infrastructure through its
affiliation with SEUP, which operates a significant portion of the utility
grid in Shanghai.

"We have identified substantial and immediate demand for
ultracapacitor-based energy storage and power delivery systems for a broad
range of transportation, industrial and utility applications," Mr. Shuai
said. "Maxwell's ultracapacitor cell and module designs, manufacturing
know-how and high-quality, low-cost, electrode material have been
instrumental in helping us to rapidly build a new company and develop a line
of products to meet that demand.

Balanson said that Maxwell has provided training and technical support and
documentation for Sanjiu personnel in cell and module assembly at Maxwell's
facility in San Diego, and at Sanjiu's new plant in Shanghai. He emphasized
that Maxwell will continue to manufacture its proprietary ultracapacitor
electrode material internally, and that the licenses and technology transfer
arrangements with Sanjiu specifically exclude Maxwell's carbon film
electrode technology.

Sanjiu is a joint venture of The Ruihua Group and SUEP, whose diverse
interests are focused primarily on innovative technologies and products
aimed at enhancing the efficiency and environmental compatibility of
transportation, industry and electric power generation and distribution.
They conduct business through wholly owned manufacturing and electric power
utility infrastructure companies and joint ventures with Japanese and
Swedish partners who share their commitment to developing and
commercializing "green" power solutions.

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 our website: http://www.maxwell.com.

- ends -

Media: Nick Daines +44 (0)115 8412109, email: ndaines@insightmkt.com
Sales & Technical - Europe: Raphael Waeber +41 79 750 3943, email:

Photography available on request


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