MAXWELL TECH. RECEIVES 200,000-UNIT, 3-YEAR ULTRACAPACITOR PURCHASE ORDER FROM GENERAL HYDROGEN

General Hydrogen's Hydricity® Pack Power Systems Incorporate Ultracapacitors to Enhance Performance and Efficiency of Electric Lift Trucks

NEWS RELEASE


For Immediate Release
January 26, 2006

SAN DIEGO, Calif. -- Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that General Hydrogen Corporation, a leading developer of hydrogen fuel cell-based power systems for electric forklifts, has placed a 200,000 unit, three-year, purchase order for BOOSTCAP® ultracapacitors to enhance performance and energy management in its Hydricity® Pack technology.

Dr. Richard Balanson, Maxwell's President and Chief Executive Officer, said that the purchase order is part of a strategic supply agreement through which General Hydrogen will source ultracapacitors exclusively from Maxwell and receive strategic pricing if volume thresholds specified in the purchase order are reached. He said that each Hydricity system incorporates 30 to 120 BOOSTCAP MC2600 2,600-farad ultracapacitor cells, and that General Hydrogen anticipates that its volume requirements will escalate rapidly over the next three years.

"General Hydrogen is a leading integrator of fuel cell power systems for a range of industrial vehicles, particularly battery-electric forklifts," Balanson said. "This is one of dozens of high-volume industrial and transportation applications that are creating a multi-billion-dollar opportunity for ultracapacitors in the coming decade, and we continue to move aggressively to strengthen Maxwell's capabilities and global reach to capitalize on that opportunity."

Frank Trotter, General Hydrogen's President and Chief Executive Officer, said that Hydricity Pack power systems are an economical "drop-in" replacement today for lead-acid batteries in Class I electric forklifts.

"Maxwell's ultracapacitors are a critical element that helps us triple the runtime of forklifts, eliminating the average three lead-acid battery sets per vehicle and the extensive infrastructure normally associated with the recharging and care of high-use conventional battery-electric forklifts," Trotter said. "Ultracapacitors' burst power capabilities, energy recapture efficiency and long operating life make them an ideal complement to hydrogen fuel cells.

"Incorporating them enables us to optimize system efficiency and response time and reduce overall system size and cost," Trotter added. "Our customers want power systems that require minimal maintenance and operate reliably for many years, and we believe that incorporating BOOSTCAP ultracapacitors as a key component of our Hydricity Pack fuel cell systems will enable us to meet their expectations."

About General Hydrogen
General Hydrogen is headquartered in Richmond, British Columbia, near Vancouver. It is a private, Delaware-registered company that was started six years ago by Dr. Geoffrey Ballard and Paul Howard, the original founders of Ballard Power Systems. General Hydrogen develops and is commercializing fuel cell systems and hydrogen fueling solutions for industrial vehicles and other off-road equipment.

About Maxwell
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. 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 price erosion as a result of increasing competition, development and acceptance of products based on new technologies, demand for original equipment manufacturers' products reaching anticipated levels, general economic conditions in the markets served by our products, cost-effective manufacturing of new products, 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 Form 10-Q for the quarter ended September 30, 2005, 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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