The unique benefits Corning and Maxwell bring to this opportunity will create a compelling collaboration in the energy storage industry.

SAN DIEGO, Oct. 23, 2014 -- Maxwell Technologies Incorporated (NASDAQ: MXWL) today announced a joint development agreement with Corning Incorporated (NYSE: GLW) with the goal of advancing the state of capacitive energy storage technology by addressing the challenges frequently cited by ultracapacitor customers, including energy density, lifetime, operating environment, form factor and cost.

The unique benefits Corning and Maxwell bring to this opportunity will create a compelling collaboration in the energy storage industry. Maxwell's expertise in ultracapacitor cell design, manufacturing processes and market-leading capacitive energy storage product designs combined with Corning's expertise in high-performance materials, analytical capabilities and technology innovations should enable the two parties, working in collaboration, to ultimately achieve superior product value for customers and end users. Corning's long history of serving the transportation industry with emissions control products for the automotive and heavy-duty truck markets will complement Maxwell's growing presence in providing energy storage solutions for these application spaces.

"Corning has invested significant time and resources to establish this new business initiative because we see great potential in capacitive energy storage. We are excited to work with a company like Maxwell who has such a long history of innovation in the field and strong market presence. Our agreement brings us together to accelerate the pace of innovation," said Doug Harshbarger, business director of emerging automotive innovations at Corning Incorporated.

"Joining forces with a company of Corning's quality and strength promises to be a game-changing event for Maxwell," said Dr. Franz Fink, Maxwell's president and chief executive officer. "We believe that this alliance will create tremendous value for customers and will move the competitive bar much higher in the years ahead."

Unlike batteries, which produce and store energy by means of a chemical reaction, ultracapacitors store energy in an electric field. This electrostatic energy storage mechanism enables ultracapacitors to charge and discharge in as little as fractions of a second, perform normally over a broad temperature range (-40°C to +65°C), operate reliably through one million or more charge/discharge cycles and resist shock and vibration. Maxwell offers ultracapacitor cells ranging in capacitance from one to 3,400 farads and multi-cell modules ranging from 12 to 160 volts.

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More information on ultracapacitors: http://www.maxwell.com/ultracapacitors

About Maxwell Technologies
Maxwell is a global leader in the development and manufacture of innovative, cost-effective energy storage and power delivery solutions. Our ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our 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.

About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.