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Maxwell Technologies™ Ultracapacitor Product Family Strategy Drives Broad Expansion Of Boostcap© Product Line To Meet Diverse Market Requirements


“Power” and “Energy” Product Types Leverage Versatile Cell Architecture and Electrode Technology to Set Ultracapacitor Industry Standards for Performance, Cost and “Life-of-the Application” Durability

February 7, 2006, San Diego, CA, Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it will introduce more than 30 new BOOSTCAP© ultracapacitor products over then next several months as part of a unique product family strategy featuring new “Power” and “Energy” product types to better meet the diverse requirements of the automotive, transportation, industrial and consumer electronics markets.

Dr. Richard Balanson, Maxwell’s president and chief executive officer, said that the company is moving aggressively to extend its global leadership as a provider of innovative, high-performance, low-cost energy storage and power delivery solutions.

“The worldwide ultracapacitor market is real, and we continue to strengthen Maxwell’s capabilities and global reach to serve that market,’ Balanson said. ’This means new and more technologically advanced products, stronger internal and external production and distribution capabilities and a wider network of partnerships and alliances. This product family strategy enables us to further reduce product development and manufacturing costs and give our customers a much wider range of product choices to meet their energy storage and power delivery requirements.”

Michael Everett, Maxwell’s vice president and chief technical officer, said that the company is leveraging its versatile cell architecture and electrode technology to expand its MC and BC ultracapacitor product families with multiple new cell sizes ranging in capacitance from 140 to 3,000 farads, each available in both Power and Energy cell types and in corresponding fully-integrated multi-cell modules. He said that all of the cells with a capacitance of 500 farads or greater operate at 2.7 volts, enabling them to store more energy and deliver more power per unit volume than any other commercially available ultracapacitor products.

Everett noted that the expanded MC and BC families will offer customers cells and modules specifically engineered to provide more economical Energy versions for light duty industrial, UPS, telecommunications and consumer electronics applications, and Power versions for hybrid vehicle drive trains, automotive subsystems and other applications that require the lowest equivalent series resistance (ESR) and highest efficiency available with current ultracapacitor technology.

“In addition to meeting or exceeding demanding transportation and industrial application requirements for both watt-hours of energy storage and watts of power delivery per kilogram, all of these products will perform reliably for more than one million discharge-recharge cycles,”¯ Everett said. “The proprietary architecture and material science on which these product families are based also significantly reduce manufacturing cost, positioning Maxwell to achieve our stated goal of pricing large cell ultracapacitors at one cent per farad in multi-million-cell annual volumes.”

Everett said that all of Maxwell’s multi-cell modules are specifically designed to meet end-user requirements for durability and maintenance-free operation. They include internal cell balancing that give designers ’plug and play’ solutions, plus module-to-module balancing that makes them versatile building blocks for systems with higher voltage requirements.

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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