Capacity Expansion Positions Maxwell Technologies' CONDIS(R) High-Voltage Capacitor Products to Continue Five-Year Growth Trend

ROSSENS, Switzerland, March 10 /PRNewswire-FirstCall/ -- Maxwell Technologies, Inc. (Nasdaq: MXWL) said today that capacity expansion and process improvements in its production facility here position the company's CONDIS® family of high voltage (HV) capacitor products to continue a growth trend that has seen its sales more than double over the past five years.

CONDIS products are key components of circuit breakers and voltage transformers and dividers that are used in electric utility infrastructure and other applications involving transport and distribution of electrical energy worldwide. Maxwell delivered nearly 20,000 HV capacitors, generating sales of approximately $40 million in 2009, up from fewer than 10,000 units and sales of about $15 million in 2004.

"Electric utility infrastructure expansion in Asia and other developing regions has been driving strong demand for several years, and we are now seeing some replacement and upgrading activity in the more mature European and North American markets," said Sacha Jenny, vice president and general manager of Maxwell Technologies SA, Maxwell's Swiss subsidiary, which produces CONDIS products. "Our products continue to dominate the high voltage capacitor category with more than 60 percent global market share, and the investments we have made to improve efficiency and expand production capacity are allowing us to capitalize on these opportunities and strengthen our leadership position."

CONDIS HV products perform reliably for decades in dead tank, live tank and other high voltage circuit breaker and transformer applications, and a new line of capacitive voltage divider products addresses an additional market segment. Last year, Maxwell installed its fourth automated electrode winding and assembly unit and implemented a new statistical process control (SPC) system that monitors each individual assembly step in real time, improving yield and product reliability.

"We now have capacity in place to increase output by 25 percent or more with minimal additional investment," Jenny said. "At our current rate, we expect to deliver the 150,000th CONDIS high voltage capacitor in 2010."

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 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.

Forward-Looking Statements: Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

• 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;
• the impact of competitive products and pricing;
• risks and uncertainties involved in foreign operations, including the impact of currency fluctuations;
• product liability or warranty claims in excess of our reserves.

For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Maxwell's SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting our investor relations department at (858) 503-3300 or at our investor relations website at http://maxwell.investorroom.com/.

All information in this release is as of March 10, 2010. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

SOURCE Maxwell Technologies, Inc.