SAN DIEGO, Jan. 13 /PRNewswire-FirstCall/ -- Maxwell Technologies Inc. (Nasdaq: MXWL) announced today that it reached a significant milestone in December with the delivery of its one-millionth large cell BOOSTCAP® ultracapacitor.
Primary applications for Maxwell's large cell products, which range from 650 to 3,000 farads, include hybrid-electric transit buses, electric rail vehicles, cranes, lift trucks and other industrial systems. The company announced its first automotive design-in, for voltage stabilization and idle-stop-start functionality in micro hybrid autos, with Tier 1 automotive supplier Continental AG in September 2009, and initial series production for a major European automaker is set to begin this year.
One of Maxwell's earliest large cell customers, ISE Corporation, a California-based producer of heavy vehicle drive systems, announced last month that ISE's ultracapacitor-based gasoline-electric hybrid bus drive systems now power nearly 300 buses in daily revenue service, and have logged a total of more than 13 million operational miles. In April 2009, Maxwell announced purchase orders with a total value of approximately $13.5 million from three of China's leading bus producers for large cell-based 48-volt multi-cell modules to support braking energy recuperation and torque assist functions for approximately 850 diesel-electric hybrid transit buses.
"As these volumes demonstrate, ultracapacitors' high efficiency in absorbing and storing braking energy, low maintenance requirements and long operational life have made them a mainstream energy storage solution for the demanding duty cycles of hybrid and electric transit buses and other heavy vehicles," said David Schramm, Maxwell's president and chief executive officer. "Our large cell products outsell competing products by a large margin, and the first automotive systems incorporating BOOSTCAP cells are scheduled to move into production later this year, so we expect demand to continue growing rapidly."
In 2007, Maxwell established high-volume large cell assembly capacity through a contract manufacturing alliance with Belton Technology Group, a major producer of precision components with ISO-certified production facilities in China, Thailand and Malaysia. In 2008, assembly of large cell-based 16- to 125-volt multi-cell ultracapacitor modules also was transitioned to Belton, and the companies continue to expand existing capacity to meet anticipated demand growth. Maxwell's proprietary ultracapacitor electrode material is produced only at its San Diego facility, where capacity currently is being expanded to meet anticipated volume requirements through 2011.
Maxwell offers additional BOOSTCAP ultracapacitor products ranging from 10 to 350 farads and multi-cell modules based on those products for wind turbines, smart utility meters and a variety of other industrial, telecommunications, information technology and other applications.
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 www.maxwell.com, follow us on Twitter at @Maxwell_Tech, or join us on Facebook.
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;
- disruption of global financial markets and reduced credit availability;
- cost-effective manufacturing and successful outsourcing of 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 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) 503-3434 or at our investor relations website at http://www.maxwell.com/investors/sec-filing.asp .
All information in this release is as of January 13, 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.