Maxwell Technologies Receives Largest-Ever 3 Million-Unit ‘D Cell’ Ultracapacitor Order From European Wind Energy System Manufacturer
Ultracapacitors Provide Reliable, Low-Maintenance, Backup Power for Wind Turbine Blade Pitch Systems
December 7, 2006 - San Diego, CA — Maxwell Technologies Inc. (Nasdaq: MXWL) announced today that a leading European producer of wind energy systems, has placed a purchase order for 3 million BOOSTCAP® BCAP0350 E “D cell” ultracapacitors to provide backup power for wind turbine blade pitch systems. Alain Riedo, senior vice president and general manager of Maxwell’s Swiss subsidiary, Maxwell Technologies SA, noted that the order, which is expected to be drawn down over two years, is for double the quantity of the company’s previous largest D cell order, a 1.5 million-cell order for a wind energy application in February 2006.
The ultracapacitors are used for backup energy storage and power delivery in wind turbines ranging in output up to 2.5 MW. Each of the turbines’ three blades has an independent braking and pitch adjustment mechanism incorporating a bank of from 200 to 700 BOOSTCAP cells for backup power to ensure continuous operation in the event of a power failure.
“Strong global demand for wind energy systems is driving increased demand for ultracapacitors, and we are pleased that one of the world’s largest and most innovative wind turbine producers has selected our BOOSTCAP products to enhance the performance and reliability of their systems,” Riedo said.
Industry sources reported that approximately 11,400 MW of new wind energy generation capacity was installed in 2005, an increase of more than 40 percent from 2004. The worldwide installed base now stands at approximately 60,000 MW, and industry sources estimate the value of the wind energy market is expected to exceed $130 billion over the next five years. Riedo noted that MW class installations are expected to account for an increasing share of new capacity, and said that ultracapacitors’ high reliability, robustness and long operating lifetime have now been proven in daily operation over the last three years in wind farms around the world.
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP® ultracapacitor cells and multi-cell modules and POWERCACHE® backup power systems 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.
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 revenue, reserves for delivery of products at prices below our manufacturing cost and operating expenses, including expenses associated with implementation of Section 404 of the Sarbanes-Oxley Act of 2002, for future periods. These estimates and projections and the company’s business prospects in general are subject to numerous risks and uncertainties, including 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 involve our ability to fulfill the terms of research programs and long-term contracts, 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 the company’s products, cost-effective manufacturing of new products, and the impact of competitive products and pricing, and risks and uncertainties involved in foreign operations, including the impact of currency fluctuations. Future changes in accounting standards or practices may adversely affect our revenue or expenses, and compliance with government regulations may result in additional expenses. We may also be subject to product liability or warranty claims in excess of our reserves, with which we have limited historical experience, and we have undergone government audits of two businesses sold or discontinued in 2001, and cannot be certain that documentation we have provided will be sufficient to avoid significant liabilities arising from those audits. These and other risks are detailed from time-to-time in the Company’s SEC reports, including our most recent 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.
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