Maxwell Technologies' High-Voltage Capacitor Products Achieve Record Volume

Maxwell Technologies, a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions, has announced today that its CONDIS® family of high-voltage (HV) capacitor products has achieved record volume in sales, shipping over 10,000 units in 2005.

NEWS RELEASE


For Immediate Release
January 17, 2006

MAXWELL TECHNOLOGIES' HIGH-VOLTAGE CAPACITOR PRODUCTS ACHIEVE
RECORD VOLUME, SURPASSING 10,000 UNITS SHIPPED IN 2005
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CONDIS® Product Family Provides High-Quality, High-Reliability Components for Circuit Breakers And Voltage Transformers Used in Transport and Distribution of Electrical Energy Worldwide

ROSSENS, Switzerland -- Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that its CONDIS® family of high-voltage (HV) capacitors for circuit breakers and voltage transformers in electric utility infrastructure and other applications involving transport and distribution of electrical energy achieved record volume in 2005, with the production and shipment of more than 10,000 units.

Alain Riedo, vice president and general manager of Maxwell Technologies SA, the company's Swiss subsidiary, said that the volume record reflects robust worldwide utility grid construction activity as well as CONDIS HV products' market leadership and Maxwell's enhanced production capabilities.

"Infrastructure projects in China and other developing countries have been driving strong demand for some time, and we are now seeing increasing replacement and upgrading activity in the more mature European and North American markets as well," Riedo said. "CONDIS products continue to dominate the high voltage capacitor category with about 65 percent global market share, and the investments we have made to improve efficiency and expand production capacity are allowing us to capitalize on these opportunities and strengthen our leadership position."

CONDIS HV products are expected to perform reliably for decades in dead tank, live tank and other high voltage circuit breaker applications. Last year, Maxwell announced that it had completed installation of new drying ovens and impregnation and test equipment and had implemented process improvements to streamline manufacturing, ensure HV product uniformity and reliability and significantly reduce order-to-delivery intervals at its CONDIS production facility.

In 2004, Maxwell introduced a new line of capacitive voltage divider (CVD) products to leverage its HV capacitor expertise in a previously untapped market category.

Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. 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 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 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.

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and other expressions of management's belief or opinion that reflect its current understanding or belief with respect to such matters. Such statements include, without limitation, projections of the company's business prospects, which are subject to numerous risks and uncertainties, including the fact that the company has a history of losses, may not be able to achieve or maintain profitability, and may not be able to obtain sufficient capital to meet customer demand or other corporate needs. Other risks and uncertainties include demand for original equipment manufacturers' products reaching anticipated levels, general economic conditions in the markets served by our products, cost-effective manufacturing, and risks and uncertainties involved in foreign operations. These and other risks and uncertainties are detailed from time-to-time in the Company's SEC reports, including our third quarter Form 10-Q and our Form 10-K for the fiscal year ended December 31, 2004. Actual results may differ materially from those projected. These forward-looking statements represent management's opinions and beliefs as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that may arise after the date of this release.

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Contacts:

Sales: Mattias Stammbach (011.41.26.411.8575), email: mstammbach@maxwell.com
Investor: Michael Sund - +1 (858) 503-3233, email: msund@maxwell.com




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