Maxwell Forms Alliance With Yeong-Long Technologies

2/28/2003 - Maxwell Technologies, Inc. (Nasdaq: MXWL) announced that it has formed an alliance with Yeong-Long Technologies Co., Ltd., to manufacture and market Maxwell’s proprietary BOOSTCAP® ultracapacitor products in China.

Yeong-Long, a privately held manufacturer of electrolytic capacitors with annual revenues of more than $200 million, is headquartered in Taichung, Taiwan, and maintains extensive manufacturing and sales operations in mainland China.

Carl Eibl, Maxwell’s chief executive officer, said that the alliance, which grants an exclusive license to Yeong-Long to manufacture and sell BOOSTCAP products in China, and to sell to other mutually agreed customers elsewhere in Asia, is a key element of Maxwell’s strategy for global sourcing and local supply to accelerate commercialization of ultracapacitors.

“Ultracapacitors are now a proven, standard option for energy storage and power delivery applications in consumer electronics devices and industrial and transportation systems,” Eibl said. “Yeong-Long’s manufacturing resources will complement our current production capabilities in North America and Europe as we gear up to meet growing global demand for ultracapacitors. In addition, Yeong-Long’s established relationships with key original equipment manufacturers in China and elsewhere in Asia will enable us to immediately begin pursuing opportunities there.”

Eibl said that Maxwell will begin purchasing finished ultracapacitors from Yeong-Long in 2004 to supplement its internal production capacity.

Tien Din Lin, president of Yeong-Long, commented, “We see a very large opportunity to supply ultracapacitors for consumer and industrial electronics and transportation applications in China, and we have made a very substantial commitment to commercializing Maxwell’s BOOSTCAP technology.”

In addition to the license, Maxwell will assist Yeong-Long to establish manufacturing lines in China, and to train their manufacturing and marketing personnel. Maxwell also will supply Yeong-Long with proprietary electrode material to make ultracapacitor cells. Maxwell will receive payments for its services and for the supply of electrode material as well as a royalty on Yeong-Long’s ultracapacitor sales.

Maxwell designs, develops and manufactures BOOSTCAP ultracapacitors that store and release from five to 2,700 farads of electrical energy for applications in consumer and industrial electronics devices and industrial and transportation systems.

Maxwell sells reliability. We develop, manufacture and market electronic components and systems that perform reliably for the life of the end products into which they are integrated. Our power products address applications in transportation, telecommunications, consumer and industrial electronics, electric utility infrastructure and medical imaging and industrial automation systems. Our microelectronic products primarily address applications in aerospace. Our power product lines are comprised of ultracapacitors, high voltage capacitors, and custom power and energy storage systems. Our microelectronic product lines are comprised of radiation-shielded power modules, memory modules and single board computers. We also design and sell automated winding equipment used to manufacture metalized film capacitors and lithium batteries.

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