Company to Receive Approximately €325,000 for Its Part of Three-Year Program

SAN DIEGO, Calif. (November 30, 2011) - Maxwell Technologies, Inc. (Nasdaq: MXWL) today reported that its Swiss subsidiary will integrate and evaluate graphene-based electrode material produced through a European Union (EU)-funded technology development program entitled, ElectroGraph.

Graphene is a novel carbon-based material that in laboratory testing has shown the potential to significantly increase both the energy density and power density of ultracapacitors. Maxwell Technologies SA will receive approximately €325,000 ($440,000) over three years for its part in a multi-party collaboration led by the Fraunhofer Institute in Germany. The research has received funding from the EU's Seventh Framework Program (FP/2007-2013) under grant agreement nº266391. For more information please visit www.electrograph.eu.

"Maxwell will lend its expertise in ultracapacitor fundamentals and technology development to gain insight into the feasibility and cost-effectiveness of using graphene as a commercial-scale electrode material," said Michael Everett, Maxwell's vice president and chief technology officer. "This will be the first industrial evaluation of this material at the device level. If it is successful, it will enable Maxwell to establish a leadership position in development of a new generation of high-performance ultracapacitor products."

Maxwell currently uses a formulation of activated and conductive carbons and other materials along with a proprietary, solvent-free, fabrication process to produce ultracapacitor electrodes for its industry-leading line of ultracapacitor products.

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