Maxwell Technologies to Receive Funding for Energy Storage Technology Development Programs

SAN DIEGO, June 29, 2011 /PRNewswire/ -- Maxwell Technologies, Inc. (Nasdaq: MXWL), a leading producer of ultracapacitor-based energy storage products, announced today that it will receive more than $500,000 in state and federal funding for collaborative energy storage research and development programs with three U.S.-based companies.

Maxwell will receive more than $300,000 for collaborative R&D programs with Connecticut-based battery manufacturer Yardney Technical Products, Inc., a Veteran Owned Small Business that has been in operation since 1944.  Yardney has been awarded U.S. federal government Small Business Innovation Research (SBIR) grants in which Maxwell is participating as a key contributor and collaborator.

The programs focus on application of Maxwell's proprietary, solvent-free, electrode fabrication process to produce high-performance, low-cost, lithium-ion battery electrode material, and on integration of Maxwell's high power-density ultracapacitors and Yardney's high energy-density batteries for optimized energy storage solutions for transportation, industrial and other applications.

"This is a great opportunity to improve the state-of-the-art for energy storage technology," said Vince Yevoli, Yardney's president and chief operating officer.

Maxwell will receive more than $200,000 in funding through energy storage technology collaborations with two Ohio-based materials producers that have been awarded development grants from that state's Ohio Third Frontier program. One involves testing and evaluation of advanced activated carbons produced by Calgon Carbon Corp. at Calgon's Columbus, Ohio facility, with a goal of establishing a domestic source of high-performance, low-cost carbon for ultracapacitors. The second involves testing and evaluation of novel graphene material produced by Dayton, Ohio-based Nanotek Instruments, Inc., to determine how graphene might be used to increase the energy density of ultracapacitors.

"This external funding and the opportunity to collaborate with leading energy storage technology innovators are instrumental in accelerating and amplifying Maxwell's internal research and development efforts," said David Schramm, Maxwell's president and chief executive officer. "We are pursuing several other R&D funding sources and opportunities to partner with industry leaders to leverage our intellectual property and continuously improve our products' performance and cost structure."

Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions.  Our 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 our website: www.maxwell.com.

SOURCE Maxwell Technologies, Inc.

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