SAN DIEGO, March 3, 2011 /PRNewswire/ -- Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has been awarded a $7.01 million cost-shared technology development contract by the United States Advanced Battery Consortium LLC (USABC) to develop an advanced energy storage system for power-assist hybrid electric vehicles (PAHEVs). USABC will provide more than $2.8 million directly to Maxwell and approximately $3.5 million in total, including payments to technology development partners, over the course of the 24-month program.
USABC is a subsidiary of the United States Council for Automotive Research LLC (USCAR), the collaborative automotive technology organization for Chrysler Group LLC, Ford Motor Company and General Motors Company. With funding provided by the U.S. Department of Energy, USABC's mission is to develop electrochemical energy storage technologies that support commercialization of electric, hybrid electric and fuel cell vehicles.
Maxwell will lead a team that is tasked with the development and integration of advanced capacitor technologies to produce an energy storage system that meets performance requirements outlined in the USABC Lower Energy-Energy Storage System specification for PHEVs while managing cost to the lowest possible level. This will require technology advances in energy and power density compared with existing capacitor systems. Maxwell will be responsible for capacitor technology development, module technology and design, electrode formulation and system integration. Development partners will provide low-cost, high performance separator membrane and electrolyte specifically developed for this program.
"Higher performance, lower cost, energy storage systems are essential to meeting growing worldwide demand for more fuel-efficient, lower emission vehicles," said David Schramm, Maxwell's president and chief executive officer. "The technical foundation of the product this program aims to develop can be instrumental in strengthening the American automakers' competitive position within a global auto industry that annually produces some 60 million cars."
About USABC: USABC is a subsidiary of USCAR. Enabled by a cooperative agreement with the U.S. Department of Energy, USABC's mission is to develop electrochemical energy storage technologies that support commercialization of electric, hybrid electric and fuel cell vehicles.
About USCAR: Founded in 1992, USCAR is the collaborative automotive technology organization for Chrysler Group LLC, Ford Motor Company and General Motors Company. The goal of USCAR is to further strengthen the technology base of the domestic auto industry through cooperative research and development. For more information, visit USCAR's website at www.uscar.org.
About DOE: The U.S. Department of Energy's overarching mission is to advance the national, economic and energy security of the United States. DOE's Vehicle Technologies Program works with industry academia and national laboratories to develop advanced transportation technologies that reduce the nation's use of imported oil and increase our energy security. Electrochemical energy storage has been identified as a critical enabling technology for advanced, fuel-efficient, light and heavy duty vehicles.
About Maxwell Technologies: 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. For more information, please visit our website: www.maxwell.com.
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:
- the company's history of losses and uncertainty about its ability to achieve or maintain profitability;
- economic conditions in the markets served by the company's products;
- development and acceptance of products based on new technologies;
- demand for original equipment manufacturers' products reaching anticipated levels;
- cost-effective manufacturing and the success of outsourced product assembly;
- 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 the company's 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 our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of these documents may be obtained by contacting Maxwell's investor relations department at (858) 503-3434 or at our investor relations website: http://phx.corporate-ir.net/phoenix.zhtml?c=94560&p=irol-sec. All information in this release is as of March 3, 2011. The company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the company's expectations.
SOURCE Maxwell Technologies, Inc.