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Best Wishes for a Joyous Holiday Season from Maxwell Technologies

Best Wishes for a Joyous Holiday Season from Maxwell Technologies

| Kimberly Tom, Director of Finance and Investor Relations

It is hard to comprehend that 2018 has come and gone so quickly! I am looking forward to the holiday season and spending quality time with family and friends. I hope that you will have the chance to do the same and enjoy the warmth and joy of the holidays.

It has been an exciting year at Maxwell Technologies. We achieved a very significant milestone in the automotive market with the announcement of Maxwell’s ultracapacitor subsystem design win with Geely/Volvo. The technology partnership is centered on the integration of Maxwell’s proprietary ultracapacitor technology and advanced power conversion electronics in a 2020 model year automotive platform that includes five mild-hybrid and plug-in hybrid vehicles. We expect production to commence on these vehicles in late 2019. Maxwell’s ultra-efficient, high power and fast response ultracapacitor technology is currently installed in over 6.1 million vehicles on the road, and we look forward to further supporting global auto manufacturers in their efforts to advance vehicle electrification.

We also announced the launch of our energy storage power and delivery solutions for utility grids and microgrids, which includes two highly scalable ultracapacitor-based subsystems that deliver reliable, rapid and long lifetime storage for power-intense grid services. Maxwell’s Grid Energy Storage Solution was also announced as a subsystem design-in with Siemens, in a system designed to provide ISOs, electric utilities and transmission system operators with better control of their grids and to reduce the risk of blackouts. To learn more about the Siemens solution, visit Siemens’ SVC PLUS FS page or read Dr. Kimberly McGrath’s blog, Maxwell’s New Grid Energy Storage Subsystem Design-in with Siemens.

Additionally in 2018, Maxwell made excellent traction in the U.S. with our wind retrofit solution, which addresses the cost and battery replacement challenges faced by wind turbines already in operation.

Lastly, I would be remiss not to include our ongoing achievements with our dry battery electrode technology, one of the most exciting future prospects for the company. In 2018, Maxwell completed a proof of concept with our auto industry partner, validating the performance and commercialization capability of our technology, and establishing a path forward for advanced technology development of greater energy densities at even lower costs, scale-up and commercialization of this potential game-changing technology. We are excited at the prospect of our technology innovations becoming a contributing factor in the adoption and proliferation of electric vehicles that will ultimately reduce global emissions and provide for a greener future on our planet.

We would like to extend thanks to Maxwell employees around the globe for their contributions to the many achievements, innovations and advances made across the company. Maxwell is positioned for success in the years to come, and we look forward to the many opportunities that exist for us to contribute to quality energy and efficient management of the world’s energy resources.

Thank you to our distributors, business partners, customers and investors for your support. We continue to look for ways to improve our service to you. It is a pleasure to serve you and we look forward to our continued collaboration.

From all of us at Maxwell Technologies, we wish you and your families a wonderful holiday season. See you soon in 2019!

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KateKimberly Tom
Director of Finance and Investor Relations



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