Maxwell Technologies Appoints Automotive Electronics Expert John M. Miller VP, Advanced Transportation Applications

SAN DIEGO, Dec. 20, 2005 -- Maxwell Technologies, Inc. announced today that it has appointed John M. Miller, Ph.D., vice president, advanced transportation applications, with primary responsibility for developing and promoting ultracapacitor-based solutions for the automotive and heavy vehicle industries.

Miller, 56, spent 18 years in a series of engineering and research and development positions with the Ford Motor Company, where he led several Ford automotive electronics and electric and hybrid drive train development programs before retiring in 2002. For the past three years he has been an automotive industry consultant, author and guest lecturer. He holds 50 patents and has written more than 100 scientific and technical papers and three books, including Hybrid Vehicle Propulsion Systems, which was published in 2003.

Dr. Richard Balanson, Maxwell's president and chief executive officer, said that in addition to bringing significant additional technical depth to the company's ultracapacitor-based energy storage and power delivery systems development programs, Miller will assume leadership of the company's transportation industry business development efforts following the retirement of Richard Smith, 64, executive vice president, strategic business development.

"Ultracapacitor-based solutions for automobiles and heavy vehicles represent a multi-billion dollar opportunity in the coming decade, and we continue to move aggressively to strengthen the company's capabilities and global reach to capitalize on that opportunity," Balanson said. "This means more and broader talent, new and more technologically advanced products, stronger internal and external production and distribution capabilities and a wider network of partnerships and alliances. John Miller is an internationally recognized authority on ultracapacitor technology and automotive electronics who will have a major and immediate impact on our initiatives in several of those areas."

Miller holds a BS degree from the University of Arkansas, an MS degree from Southern Methodist University and a doctorate from Michigan State University, all in electrical engineering. He has served as an adjunct professor at Michigan State and Texas A&M universities and has held leadership positions in numerous industry and scientific organizations. He is currently editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) Power Electronics Society newsletter and chairs the Education and Outreach Committee of Kilofarad International, an ultracapacitor trade organization.

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 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" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and other expressions of management's belief or opinion that reflect its current understanding or belief with respect to such matters. Such statements include, without limitation, projections of the company's business prospects, which are subject to numerous risks and uncertainties. These risks and uncertainties include the fact that the company has a history of losses, may not be able to achieve or maintain profitability, and may not be able to obtain sufficient capital to meet customer demand or other corporate needs. Other risks and uncertainties include 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 our products, cost-effective manufacturing of new products, and risks and uncertainties involved in foreign operations. These and other risks and uncertainties are detailed from time-to-time in the Company's SEC reports, including our third quarter Form 10-Q and our Form 10-K for the fiscal year ended December 31, 2004. Actual results may differ materially from those projected. These forward-looking statements represent management's opinions and beliefs as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that may arise after the date of this release.