November 20, 2007

California and Chinese companies form alliance to market “hybrid” energy storage products

San Diego, California – Maxwell Technologies of California and Tianjin Lishen Battery Joint-Stock Company of China have announced an alliance through which they plan to manufacture and market novel “hybrid” energy storage products, combining the companies’ respective ultra-capacitor and lithium-ion battery technologies. Initial target applications include electric vehicles.

“We believe that the products we envision will give end users the best of both worlds in terms of the long cycle life, rapid charge/discharge characteristics and low temperature performance of ultra-capacitors and the large energy storage capacity of lithium-ion batteries,” said David Schramm, Maxwell president and CEO. “We also plan to move some of our Boostcap product assembly to Lishen in order to leverage our joint process engineering capabilities, and Lishen will conduct development and qualification testing on battery electric material produced through Maxwell’s proprietary dry process, so we see this as a deep and strategically important alliance for both companies.”

Lishen currently produces more than 130 million lithium-ion batteries annually in its production facility in China, supplying telephone manufacturers such as Motorola and Samsung, and consumer electronics manufacturers such as Apple. The companies anticipate production and delivery of initial product samples in early 2008.

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