2/27/2004 - Maxwell Technologies, Inc. (Nasdaq: MXWL) announced that it has entered into a strategic alliance with Hydrogenics Corporation (TSX: HYG; Nasdaq: HYGS) to collaborate on integrating Maxwell's BOOSTCAP® ultracapacitors into Hydrogenics' fuel cell power systems to optimize system performance, cost and longevity.
Dr. Richard Balanson, Maxwell's president and chief executive officer, said that the alliance consists of a joint development program to accelerate integration of ultracapacitor and fuel cell technologies, and provides for Maxwell to be Hydrogenics' preferred ultracapacitor supplier for a period of four years.
“Hydrogenics is a recognized world leader in development and commercialization of hydrogen fuel cell technology, and is working with a number of high-profile partners and suppliers to advance fuel cell power in a variety of applications” Balanson said. “This agreement broadens and formalizes an ongoing relationship that has enabled both companies to see first-hand how well our technologies complement each other in delivering high-performance, low-cost solutions.
Pierre Rivard, Hydrogenics' president and chief executive officer, said that systems combining Hydrogenics' technology with Maxwell's ultracapacitors will benefit from improved efficiencies and response time, while reducing overall cost.
“In fuel cell vehicles, ultracapacitors have demonstrated a higher recovery of energy from braking than batteries, are considerably lighter, have a longer economic life and are more environmentally friendly in their manufacture and disposal,” Rivard said. “When paired with fuel cells in stop and go mobility applications, such as forklifts, ultracapacitors provide burst power for lifting and acceleration, and enable regenerative braking; in back-up power applications they provide instantly available short-term bridge power, and in many applications they buffer power demand peaks, allowing our scaleable fuel cell systems to be optimized for size and low cost.
“Maxwell has shown itself to be a very reliable supplier that shares our focus on aggressive cost reduction as a key to opening up mainstream commercial applications,” Rivard continued. “This alliance is another step in Hydrogenics' hybridization strategy and commitment to providing complete clean power solutions for our customers.”
Hydrogenics Corporation (www.hydrogenics.com) is a leading clean power generation company, engaged in the commercialization of fuel cell technology and test stations for fuel cells. The company is building a sustainable business, in a potentially “game changing technology” for transportation, stationary and portable power. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in British Columbia, Canada, Japan, the United States and Germany.
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 and POWERCACHE® backup power systems 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.
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