June 21, 2007

Azure Dynamics Selects Maxwell Technologies’ Ultracapacitor Module For Clean, Energy-Efficient Hybrid Shuttle Bus Powertrains

Ultracapacitors Provide High-Efficiency, Low-Maintenance, Energy Storage Solution for Hybrid Vehicles

San Diego, CA — Maxwell Technologies Inc. (Nasdaq: MXWL) announced today that Azure Dynamics Corporation, a leading developer of hybrid-electric and electric powertrains for commercial vehicles, has selected Maxwell’s BOOSTCAP® 390-volt heavy transportation ultracapacitor module (HTM) as the energy storage and power delivery component of its latest hybrid shuttle bus powertrain.

Scott Harrison, Azure’s Chief Executive Officer, said, “Ultracapacitors’ rapid charge/discharge capabilities and low resistance makes them more efficient in recapturing regenerative braking energy, than battery-based systems. In certain applications, the combination of ultracapacitors’ long life and their regen efficiency translates into better lifecycle costs. The high annual mileage associated with shuttle bus service is one of those applications and we are pleased to be working with Maxwell to take advantage of this technology.”

“Working with leading transportation OEMs such as Azure has enabled us to develop modules tailored to the demanding specifications for regenerative braking systems in hybrid and electric buses, trucks, electric rail and other heavy vehicles,” said Dr. Richard Balanson, Maxwell’s President and Chief Executive Officer. “The HTM 390 meets transportation industry requirements for watt-hours of energy storage and watts of power delivery per kilogram, and is designed to perform reliably through one million or more deep discharge cycles, or about 15 years of operational life for most vehicles.”

The HTM 390 incorporates integrated balancing and monitoring capabilities and highly efficient internal cooling to enable it to sustain continuous current of 200 amps with minimal temperature increase in high-temperature environments that are typical with heavy transportation applications. The standard module is encased in a rugged, splash- and dust-proof, IP 65-compliant, aluminum chassis. Up to three modules may be linked in series to deliver a total of up to 1,170 volts. The complete data sheet is available at Maxwell’s website: http://www.maxwell.com/ultracapacitors/products/modules/bmod0018-390v.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.

About Azure Dynamics: Azure Dynamics Corporation (TSX: AZD) (LSE: ADC) is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles. Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with various partners and customers. The Company is committed to providing customers and partners with innovative, cost-efficient, and environmentally-friendly energy management solutions. For more information please visit www.azuredynamics.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;


• general economic conditions in the markets served by the company’s products;


• cost-effective manufacturing of new products;


• 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 June 21, 2007. 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.

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.

Maxwell Technologies: Michael Sund, (858) 503-3233;
Email:msund@maxwell.com

Azure Dynamics: Steven Glaser, (416) 367-0220, X105;
Email: sglaser@azuredynamics.com