Press Releases

FOR IMMEDIATE RELEASE
April 22, 2009

MAXWELL TECHNOLOGIES LANDS HYBRID BUS ULTRACAPACITOR ORDERS VALUED AT $13.5 MILLION

Ultracapacitors Provide Efficient, Low-Maintenance, Energy Storage for Hybrid and Electric Vehicles

San Diego, CA — Maxwell Technologies Inc. (Nasdaq: MXWL) announced today that it has received purchase orders with a total value of approximately $13.5 million from three of China’s leading transit bus producers for BOOSTCAP® ultracapacitor modules to support braking energy recuperation and torque assist functions in diesel-electric hybrid transit buses.

David Schramm, Maxwell’s president and chief executive officer, said that deliveries of the company’s 48-volt BMOD0165 P048 modules, which are assembled by one of its contract manufacturers in China, already have begun and will continue through the balance of the year.

Maxwell’s sales and applications engineering teams have been working with heavy vehicle OEMs in China for the past two years. The company estimates that more than 150 hybrid buses with BOOSTCAP ultracapacitor-based energy storage systems already are in service, and that number is now expected to grow to nearly 1,000 by year-end.

“Ultracapacitors’ efficiency in recapturing energy from braking and their low maintenance requirements and long operational life make them an ideal energy storage solution for the demanding duty cycles of electric and hybrid transit vehicles,” Schramm said. “BOOSTCAP modules have demonstrated reliable performance and high efficiency in the first wave of vehicles that have gone into service, and the ability to connect these modules in series to meet various voltage requirements allows for easy integration into virtually any type or size of heavy vehicle.

“China’s leading bus OEMs have developed an array of electric and hybrid drive systems for cleaner, more efficient, transit buses, trolleys and other commercial vehicles,” Schramm said. “Working with a number of them has given Maxwell a better understanding of the requirements of the heavy vehicle industry and enabled us to expand our presence in the dynamic and rapidly growing Chinese market.

“BOOSTCAP modules meet transportation industry requirements for watt-hours of energy storage and watts of power delivery per kilogram, and are designed to perform reliably through one million or more deep discharge cycles, or about 10 years of operational life for most vehicles,” Schramm added. “These attributes make them a preferred energy storage option for many types of public transit and commercial vehicles, so heavy vehicle applications are becoming a major driver for global growth in BOOSTCAP product sales.”

BMOD0165 P048 modules are encased in a rugged, splash-proof, aluminum chassis. They weigh 14.2kg and are 12.6 liters in volume (416.2mm x 190.1mm x 156.7mm). These durable “smart boxes” include temperature and voltage monitoring and internal cell voltage management that give designers “plug and play” solutions and makes them versatile building blocks for systems with higher voltage requirements. A complete data sheet may be accessed via the following link: www.maxwell.com/ultracapacitors/products/modules/bmod0165-48-6v.asp.

About Maxwell: Maxwell Technologies 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. For more information, please visit www.maxwell.com.

Forward-Looking Statements: 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:
• development and acceptance of products based on new technologies;
• demand for original equipment manufacturers’ products reaching anticipated levels;
• recent disruption of global financial markets and reduced credit availability;
• cost-effective manufacturing and successful outsourcing of 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 our reserves.

For further information regarding risks and uncertainties associated with Maxwell’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Maxwell’s SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting our investor relations department at (858) 503-3434 or at our investor relations website at http://www.maxwell.com/investors/sec-filing.asp.

All information in this release is as of 22 April 2009. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

Contacts:

Media & Investor
Michael Sund, +1 (858) 503-3233; email: msund@maxwell.com

Technical & Sales
Asia: Brian Eichler, +1 (858) 503-3326; email: beichler@maxwell.com
North America: Brendan Andrews, +1 (858) 503-3331; email: bandrews@maxwell.com
Europe: Raphael Waeber, +41 (26) 4118553; email: rwaeber@maxwell.com

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