Maxwell Technologies Wins $2 Million Award to Develop Ultracapacitor

8 October 1998

Maxwell Technologies Wins $2 Million Award to Develop Next-Generation Ultracapacitor; Government Considers New Technology Vital to U.S. Industry

    SAN DIEGO--(AutomotiveWire)--Oct. 7, 1998--Maxwell Technologies Inc. (Nasdaq/NMS:MXWL) Wednesday announced that its Energy Products subsidiary has received a 22-month, $2 million Advanced Technology Program (ATP) award.
    The ATP is administered by the National Institute of Standards and Technology (NIST), which is a nonregulated agency of the U.S. Department of Commerce. The award calls for Maxwell Technologies to develop new materials and device designs to further improve the performance and reduce the costs of ultracapacitors.
    The program objectives include a 300 percent performance enhancement for Maxwell's current ultracapacitors, which already offer substantial gains over competing products. The benefits of ultracapacitor technology could save U.S. industry billions of dollars in lost productivity, reduce fuel consumption in vehicles, and extend the life of electronic devices.
    "In terms of advancing our state-of-the-art technology, the NIST program is one of the most significant research and development programs we have recently undertaken," said Tom Horgan, president of Maxwell's ultracapacitor business. "We received this award on the basis of a rigorous competitive review which considered the scientific and technical merits and the potential benefits to the U.S. economy."
    Horgan continued, "We have the leading position in energy storage technology, and view this award as another step in maintaining our competitive advantage."
    Added Richard Smith, vice president of Ultracapacitor Technologies: "We obviously take great pride in the selection of our ultracapacitor as one of the country's most promising technologies. During the past two years, we've worked diligently to solidify our leadership position as the premier supplier of high-power ultracapacitors for a broad range of markets and applications, and the NIST grant will help us to maintain and grow that lead."
    Maxwell's PowerCache ultracapacitor is a new technology capable of collecting, storing and releasing electrical energy. The ability of the device to store energy for immediate use makes it ideal for a wide variety of applications that are dependent on batteries for power or stand-by reliability. By being able to "cache" power for peak power delivery requirements, PowerCache ultracapacitors can extend useful battery life in electronic devices and hand-held telecommunication products by several times.
    As replacements for batteries in uninterruptable power supplies, Maxwell's ultracapacitors are capable of accommodating hundreds of thousands of cycles with no maintenance requirements. In the promising market for electric and hybrid electric vehicles, PowerCache ultracapacitors, when used in tandem with batteries, small engines, and/or fuel cells, provide efficient acceleration and improved performance and response.
    Moreover, the ability of an ultracapacitor to be equally quickly charged or discharged makes it an ideal device for capturing regenerative braking energy, thereby improving the efficiency of the drive train, as well as lowering emitted pollutants.
    Maxwell Technologies is a leader in pulsed-power technologies, providing pulsed-power-based systems and components for a wide range of commercial applications and research and development for both commercial customers and the U.S. government. The company's advanced technology solutions address diverse markets such as utilities, telecommunications, medical equipment and products, food processing and packaging, and transportation.
    The company also offers industrial computers and subsystems, primarily to OEMs in computer telephony and other markets, and software products and services, both for government research and for various commercial applications.

    Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including manufacturing and product development based on new technologies; successful technology transfer to, and product introduction by, strategic partners and licensees; applications and acceptance of new products in major markets; demand for OEMs' product reaching anticipated levels; the impact of competitive products and pricing; and other risks detailed from time to time in the company's SEC reports, including the report on Form 10-K for the year ended July 31, 1997. Actual results may differ materially from those projected. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.