MAXWELL TECHNOLOGIES APPOINTS MICHAEL LIEDTKE VICE PRESIDENT, BUSINESS DEVELOPMENT

Maxwell Technologies, a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions, has announced today that it has appointed Michael J. Liedtke as VP of Business Development.

NEWS RELEASE


FOR IMMEDIATE RELEASE
January 23, 2006


SAN DIEGO, Calif. - Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has appointed Michael J. Liedtke vice president, business development, with primary responsibility for establishing and maintaining strategic relationships with major original equipment manufacturers (OEMs) to promote ultracapacitor-based solutions for industrial and transportation applications.

Liedtke, 45, has spent the past eight years as director of marketing and transportation design management for BMW's California-based DesignworksUSA. Previously he held a series of auto, truck and bus design and project management positions with DaimlerCrysler's Mercedes Benz division in Stuttgart, Germany, and its Freightliner truck division in Portland, Ore. He also spent more than four years in the aerospace industry with McDonnell Douglas and Boeing, where he held various engineering and research and development positions. He holds joint U.S. and German citizenship and is fluent in English, German and French.

Dr. Richard Balanson, Maxwell's president and chief executive officer, said that Liedtke's diverse engineering, design and marketing experience and language fluency give him ideal credentials to spearhead the company's business development efforts.

"Ultracapacitor-based solutions for transportation and industrial applications represent a multi-billion dollar opportunity in the coming decade, and we continue to move aggressively to strengthen Maxwell's capabilities and global reach to capitalize on that opportunity," Balanson said. "This means more and broader talent, new and more technologically advanced products, stronger internal and external production and distribution capabilities and a wider network of partnerships and alliances. Michael Liedtke has an exceptional track record as a leader and innovator across a broad range of industries in the U.S., Europe and Asia, and we expect his energy, experience and contacts to help us take Maxwell's business development efforts to the next level."

Liedtke was born to German parents in the U.S., but was raised and educated in Germany before returning to the U.S. for most of his professional career. He holds a Master of Science degree in mechanical engineering from the University of Karlsruhe in Germany.

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 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. These risks and uncertainties include 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 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 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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