Maxwell Technologies Selected as Exclusive Capacitive Energy Storage Supplier by China's Largest Rail Company
China Qingdao Sifang Rolling Stock Research Institute and Maxwell Sign Multi-year Strategic Agreement
SAN DIEGO, July 30, 2015 -- Maxwell Technologies, Inc. (Nasdaq: MXWL), a leading developer and manufacturer of ultracapacitor-based energy storage solutions, announced today that it has signed a long-term strategic partnership agreement with China Railway Rolling Stock Corporation (CRRC-SRI, formerly CNR-SRI), subsidiary of CRRC, one of the largest rail vehicle manufacturers in the world. The agreement will examine multi-year collaboration activities between the two companies to jointly develop new application-specific, next-generation capacitive energy storage solutions that meet the unique application requirements of CRRC-SRI's customers in the Chinese rail market.
Capacitive energy storage technology offers high-power density performance under extreme temperatures with long operational lifetimes and is ideally suited for rail transportation applications, particularly onboard commuter rolling stock modalities such as subway and light rail. CRRC-SRI selected Maxwell based on its global leadership in developing and delivering high-quality ultracapacitor solutions proven in global transportation applications such as start-stop autos and hybrid buses, which require rapid braking, energy recuperation and power delivery. Maxwell will work closely with CRRC-SRI to develop solutions uniquely designed to address the growing Chinese rail market.
"The current expansion of rail transportation infrastructure in China will continue well into the next decade and has higher requirements on energy saving and environment protection now and in the future, particularly for onboard rail vehicles," said Liu Baoming, chairman of CRRC-SRI. "We firmly believe capacitive energy storage technology is essential to providing solutions that meet those energy-saving and environment-protection requirements. We highly value Maxwell Technologies' expertise in capacitive energy storage and trust its technology leadership to help us keep pace with the rate of innovation required now and into the next decade."
"Rail transportation applications are an excellent match for ultracapacitors, and the rail market will be a significant opportunity for Maxwell," said Dr. Franz Fink, Maxwell's president and chief executive officer. "In China, advanced energy storage and power delivery solutions will play an increasingly important role in improving efficiencies and reducing carbon emissions. Our partnership with CRRC-SRI represents an excellent opportunity for us to generate meaningful revenue in a three-to-five-year horizon through the co-development of application-specific technology and products for the expanding China rail market."
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About Maxwell Technologies: Maxwell Technologies 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.