Increasing Demand for Ultracapacitor-Based Energy Storage Systems for Hybrid Buses

Maxwell Technologies Inc. (Nasdaq: MXWL) reported today that it has delivered BOOSTCAP® ultracapacitor cells and multi-cell modules for more than 1,000 hybrid transit bus drive systems through the first three quarters of 2010, and sees continuing strong demand going forward.

David Schramm, Maxwell’s president and chief executive officer, said that approximately 2,400 BOOSTCAP-equipped, low-emission, hybrid transit buses already are in daily revenue service worldwide, and that, based on current consumption rates and customer forecasts, that number could reach 3,000 by year-end.

Ultracapacitor-based energy storage systems are highly efficient in absorbing recuperative braking energy and delivering stored energy to zero-emission electric motors for acceleration in electric and hybrid internal combustion / electric vehicles. Ultracapacitors operate normally at temperatures as low as -40 C, and are designed to perform reliably through one million or more deep discharge cycles, or about 10 years of operational life for most vehicles.

In April 2009, Maxwell announced purchase orders valued at approximately $13.5 million for 850 hybrid transit bus energy storage systems from three leading bus producers in China. The company also is supplying ultracapacitors to several other heavy vehicle OEMs and drive system integrators in the U.S., Europe and Asia, and its sales and applications engineering teams are working with several additional potential customers that are developing and testing ultracapacitor-based systems.

"Our initial Chinese OEM customers have placed significant follow-on orders for standard 48-volt BOOSTCAP modules this year, and they are projecting significant additional volumes going forward," Schramm said. "These versatile modules have demonstrated reliable performance and high efficiency in vehicles that have been in service for up to several years. With their ability to be connected in series or parallel configurations to meet various voltage requirements, they can meet the energy storage requirements of virtually any type or size of heavy vehicle.

"Working with hybrid vehicle drive system producers around the world has given Maxwell a solid understanding of the requirements of the bus and rail industries and enabled us to expand our global footprint," Schramm added. "Ultracapacitors have become a preferred energy storage option for many types of public transit and commercial vehicles, so we expect these applications to be an even more significant factor in ultracapacitor sales growth going forward."

Maxwell’s 125- and 48-volt modules include temperature and voltage monitoring and internal cell voltage management that make them easy-to-integrate building blocks for systems with a broad range of voltage requirements. Complete module data sheets may be accessed via the following link:

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 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.

Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

* the company’s history of losses and uncertainty about its ability to achieve or maintain profitability, or to obtain sufficient capital to finance its operations;
* disruption of global financial markets and reduced availability of credit;
* general economic conditions in the markets served by the company’s products;
* development and acceptance of products based on new technologies;
* demand for original equipment manufacturers’ products reaching anticipated levels;
* cost-effective manufacturing and the success of outsourced product assembly;
* the impact of competitive products and pricing;
* risks and uncertainties involved in foreign operations, including the impact of currency fluctuations;
* product liability or warranty claims in excess of reserves.