Geely/Volvo Awards Maxwell Technologies with Ultracapacitor Subsystem Design Win for 2020 Model Year Platforms

SAN DIEGO, May 8, 2018 /PRNewswire/ -- Maxwell Technologies, Inc. (Nasdaq: MXWL), a leading developer and manufacturer of capacitive energy storage and power delivery solutions, today announced a technology partnership with Zhejiang Geely Holding Group (Geely), the parent company of leading brands such as Volvo and Geely Auto.

The partnership focuses on the integration of state-of-the-art ultracapacitors and advanced power conversion electronics into Geely's global automotive vehicle lineup in support of their fleet electrification strategy. The collaboration kicks off with the inclusion of Maxwell's ultracapacitor-based peak power subsystem in five mild-hybrid and plug-in hybrid vehicles which will initially be available in North America and Europe. The production ramp for these vehicles is slated to begin in late 2019 and marks the most significant milestone in Maxwell's automotive market history as it readies for the coming global electrification megatrend.

The automotive industry originally adopted ultracapacitors for start-stop applications because of their fast response and reliable performance. With CO₂ regulations tightening across the globe, new automobile electrification strategies are being considered. OEMs are now adopting ultracapacitors as a technology of choice to deliver aggregate peak power to functions such as electric active-roll control, electric power steering, electro-turbocharging and energy recuperation in hybrid vehicles. In addition, due to the long product life ultracapacitors exhibit, they are also being adopted as an alternative or complementary energy storage source to batteries in power backup solutions for autonomous driving and advanced driver assistance systems (ADAS).

"As we prepared to bring our new, high performance features into the mainstream of our next generation vehicles, it became evident that ultracapacitors would be essential to address the increasing electrification challenges the automotive industry is facing. In our global search for a partner who could develop and supply a sophisticated multi-function energy storage device, it became clear that Maxwell's deep automotive experience and technical know-how qualified them as the only choice," said Mr. Qingfeng Feng, Vice President and CTO, Geely. "The Maxwell ultracapacitor subsystem has proven to provide significant support for our hybrid cars and will be able to economically handle the challenging peak power demands in a way that batteries alone cannot. We are confident that through our partnership with Maxwell, we will be able to successfully introduce innovative and differentiated features into our core platform offerings while providing an improved and reliable driving experience to our customers."

Drawing from its long history of supplying ultracapacitor cells and modules to automotive makers, Maxwell's latest partnership with Geely represents the next stage of evolution with a multi-cell subsystem. This turnkey subsystem not only combines state-of-the-art ultracapacitors but also adds Maxwell's advanced power conversion electronics to supply enhanced performance for a wide variety of demanding applications. The launch of this multi-function subsystem in Geely's Compact Modular Architecture (CMA) is a paradigm shift in ultracapacitor use for the automotive industry and allows OEMs like Geely to economically address increasing voltage stabilization needs as the industry rapidly moves towards a more electrified world.

­­"Today's announcement of the Geely design win and partnership represents a significant milestone for the team at Maxwell and validates that ultracapacitors are ideally suited to solve many of the challenges faced by the automotive industry as it readies for the coming global megatrend of the electrification of combustion engine vehicles. The team at Geely is at the forefront of incorporating breakthrough energy storage solutions to address these increasing electrification challenges. We are excited to partner with their world class team to further enhance our automotive energy storage portfolio and make it an integral part of their future vehicle lineup," said Dr. Franz Fink, CEO of Maxwell Technologies.

Maxwell and its affiliates have a long-standing history in the automotive industry and currently have more than 6.1 million automobiles using its ultracapacitor technology. The company supplied its start-stop designs to Continental AG in 2010, and has since supplied ultracapacitors to PSA and General Motors for start-stop applications and autonomous driving backup power, and to Lamborghini for regenerative braking. Maxwell ultracapacitors are AEC-Q200 and VDA 6.3 certified, and the company passes the rigorous TS16949 industry certification. For more information on Maxwell's ultracapacitor products for automotive applications, please visit http://www.maxwell.com/auto.

About Geely

Zhejiang Geely Holding Group (ZGH) is a global automotive group that owns several well-known international automotive brands, with operations spanning the automotive value chain, from research, development and design to production, sales and servicing. Founded in 1986 by Li Shufu, the company's Chairman, in the city of Taizhou in China's Zhejiang province, Geely Holding launched its automotive business in 1997 and is now headquartered in Hangzhou, China. The Group is comprised of three main businesses: Geely Auto Group, Volvo Car Group and Geely Commercial Vehicles Group. Its brands include Geely Auto, LYNK & CO, Volvo Car, Polestar, London Electric Vehicle Company (LEVC), Yuan Cheng Auto, PROTON, Lotus, and Terrafugia. ZGH sold over 1.8 million vehicles in 2017, with Volvo Car sales reaching historic highs of 571,577 cars globally and Geely Auto Group sales growing over 63% to reach 1,247,116 units in total. ZGH has over 80,000 employees across the world, and has been listed in the Fortune 500 for the past six years. For more information regarding Zhejiang Geely Holdings, please refer to the official website at www.zgh.com.

About Maxwell Technologies

Maxwell is a global leader in the development and manufacture of innovative, cost-effective energy storage and power delivery solutions. We have developed and transformed our patented, proprietary and fundamental dry electrode manufacturing technology that we have historically used to make ultracapacitors to create a breakthrough technology that can be applied to the manufacturing of batteries. Our ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation, renewable energy and information technology. 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. For more information, visit www.maxwell.com.

Maxwell Technologies Contacts:
Media: John Sperrazzo, Eye-To-Eye Communications: +1 (858) 361-4495; [email protected]
Investor: Kimberly Tom, CFA, Maxwell Technologies: +1 (858) 503-3300; [email protected]
Sales & Technical: Maxwell Technologies: +1 (858) 503-3300

SOURCE Maxwell Technologies, Inc.

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