Press Releases

FOR IMMEDIATE RELEASE
May 9, 2007

Maxwell Technologies Announces $10.4 Million Common Stock Financing

San Diego, CA — Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has priced the sale of one million shares of its common stock in a public offering underwritten by UBS Investment Bank, resulting in gross proceeds to the company of $10.4 million. All of the stock is being offered by the company, and the transaction is expected to close on May 14, 2007, subject to customary closing conditions. The company plans to use the proceeds for working capital and general corporate purposes. In addition, the company has granted UBS Investment Bank an over allotment option to purchase up to 150,000 additional shares.

A shelf registration statement relating to the common stock has been filed with, and was declared effective by, the Securities and Exchange Commission. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these shares, nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

Offers and sales of the common stock will be made only by the related prospectus and prospectus supplement. Copies of the prospectus and prospectus supplement relating to this offering may be obtained, when available, from UBS Investment Bank, 299 Park Avenue, New York, New York 10171, attention: Prospectus Department.

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.

Media and Investors Contact:
Michael Sund
Maxwell Technologies
Phone: +1 (858) 503-3233
Email: msund@maxwell.com