General Hydrogen Selects Maxwell's BOOSTCAP(R) Ultracapacitors for Energy Management in Advanced Fuel Cell Systems

Hydricity(TM) Systems Provide High-Efficiency Alternative for Retrofitting, Replacing Battery Power in Electric Lift Trucks and Other Industrial Applications

SAN DIEGO, June 7 -- Maxwell Technologies, Inc. announced today that General Hydrogen Corporation, a leading developer of hydrogen and fuel cell power systems, has selected Maxwell's BOOSTCAP(R) ultracapacitors to achieve high performance energy management in its Hydricity(TM) hydrogen fuel cell power systems for electric lift trucks and other applications.

Dr. Richard Balanson, Maxwell's President and Chief Executive Officer, said that the companies have signed a multi-year strategic supply agreement through which General Hydrogen will source ultracapacitors exclusively from Maxwell.

"General Hydrogen is in the forefront of developing motive and stationary fuel cell power systems for a wide range of industrial and commercial applications," Balanson said. "They have developed fuel cell power packs for most classes of battery lift trucks and stationary power equipment that operate in distribution centers and manufacturing plants, and these innovative products are being evaluated within the operations of several large potential end-users who are looking for more efficient, lower maintenance alternatives to battery power."

Balanson said that each electric lift truck fuel cell power pack incorporates 60 to 100 BOOSTCAP ultracapacitors.

"These packs convert battery powered lift trucks to hydrogen power in minutes, simply by replacing the lift truck's existing battery pack with the Hydricity(TM) Pack equivalent," Balanson said. "Hydricity(TM) packs are of interest to the operators of distribution centers and manufacturing plants because they have the potential to provide increased productivity and significant cost savings."

Dr. Craig Greenhill, General Hydrogen's Chief Operating Officer, noted that General Hydrogen selected Maxwell ultracapacitors to augment its Hydricity(TM) power packs based on several key criteria, including BOOSTCAP products' burst power capabilities, energy recapture efficiency and long operating life.

"By incorporating ultracapacitors into our systems to provide burst power we are able to optimize system efficiency and response time and reduce overall system cost," Greenhill said. "Customers want power pack systems that require minimal maintenance and operate reliably for many years, and we believe that the combination of Hydricity(TM) fuel cell systems and BOOSTCAP ultracapacitors will meet their expectations."

About General Hydrogen

General Hydrogen is a private company, whose principal investors include Air Products and Chemicals, Inc., the world's largest merchant supplier of hydrogen and a leader in the development of hydrogen fueling solutions; and

General Motors Corporation. For more information, please visit www.generalhydrogen.com.

About Maxwell

Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP(R) ultracapacitor cells and multi-cell modules and POWERCACHE(R) backup power systems provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS(R) 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 our website: www.maxwell.com.

This news release contains forward-looking statements that are subject to risks and uncertainties. These include development and acceptance of products based on new technologies, demand for original equipment manufacturers' products reaching anticipated levels, cost-effective manufacturing of new products, the impact of competitive products and pricing and risks and uncertainties involved in foreign operations. These and other risks are detailed from time-to-time in the Company's SEC reports, including the report on Form 10-K for the fiscal year ended December 31, 2003. Actual results may differ materially from those projected. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.