Solectria Press Release - May 1, 2001
- NEWS RELEASE
For Immediate Release
May 1, 2001
SOLECTRIA SELECTS MAXWELL TECHNOLOGIES' ULTRACAPACITORS TO ENHANCE
ENERGY STORAGE AND POWER DELIVERY IN HYBRID ELECTRIC VEHICLES
Strategic Development and Supply Agreement Initially Targets Drive Systems
for Buses and Trucks
WILMINGTON, Mass. - Solectria Corporation announced today that it has signed
a strategic development and supply agreement with Maxwell Technologies
(Nasdaq: MXWL) to collaboratively develop advanced hybrid electric drive
systems incorporating Maxwell's PowerCache(r) ultracapacitors for energy
storage and power delivery. The agreement calls for Maxwell to deliver
several thousand ultracapacitor cells immediately.
James Worden, Solectria's Chief Executive Officer, said that Solectria also
plans to develop standard power packs, consisting of 100 to 300 PowerCache
ultracapacitors, which will be fully compatible with drive systems produced
by Solectria and other manufacturers. Worden said that a key initial target
application for Solectria's unique ultracapacitor-based hybrid electric drive
systems is the 100,000 vehicle-per-year medium-sized bus and truck powertrain
"Pairing Solectria's advanced power and thermal management technology with
the PowerCache energy storage and power delivery technology will enable us to
provide high-performance, cost-effective, solid-state electrical energy
solutions, both for hybrid and fuel cell vehicles and for distributed
generation applications in the electric power industry," Worden said.
Research conducted by the Northeast Advanced Vehicle Consortium (NAVC) and
the Vermont Electric Vehicle Program (EVermont) demonstrated that a Solectria
electric car equipped with PowerCache ultracapacitors had 32 percent greater
range and improved performance as compared to a vehicle relying entirely on
battery power. Ultracapacitors enhance performance and extend the life of
on-board battery systems by efficiently recapturing energy from braking and
releasing that energy in high power bursts for acceleration over hundreds of
thousands of discharge/recharge cycles. Funding for Solectria's
ultracapacitor research program for electric vehicles was provided in part by
the Defense Advanced Research Projects Agency (DARPA) through the NAVC and
EVermont as well as by Solectria and Maxwell Technologies.
Carl Eibl, Maxwell's President and Chief Executive Officer, said that this
strategic relationship is another important step in the long-term
transportation strategy the company outlined earlier this year.
"Solectria has demonstrated its ability to be at the forefront of delivering
energy storage and power delivery solutions for the transportation industry,
and we are excited about the opportunities we can address through this
collaboration," Eibl said.
Richard Balanson, President of Maxwell's Electronic Components Group, noted
that transportation applications are similar to many other energy-consuming
systems in that they require both steady-state power and periodic bursts of
high power, such as for acceleration in a vehicle or the flash of a camera.
"PowerCache ultracapacitors 'cache' power to deliver those bursts, recharge
in fractions of a second and last the life of the vehicle," Balanson said.
"With their low cost and immediate availability, they are becoming an
important factor in advancing both hybrid vehicle development and electric
Solectria Corporation develops and manufactures a wide range of components
for electric, hybrid, and fuel cell vehicles, and for the distributed
generation of electric power. Solectria also offers comprehensive
engineering services for electric drivetrain design and integration. Over
2000 vehicles worldwide - including cars, trucks, buses, and industrial
machines - rely on Solectria's proprietary drive system technology.
Solectria's Preform Engineering Group provides composite process engineering
and develops manufacturing equipment for composites parts production.
Maxwell Technologies applies industry-leading capabilities in power and
computing to develop and commercialize electronic components and power and
computing systems for customers in multiple industries, including
transportation, telecommunications, consumer and industrial electronics,
medical and aerospace. Maxwell's Electronic Components Group designs,
develops and manufactures a family of large and small cell ultracapacitors
for applications in the power quality assurance, wireless communications,
automotive, industrial automation, medical, automatic meter reading, and
consumer electronics markets.
This news release contains forward-looking statements that are subject to
risks and uncertainties. These include development and acceptance of products
based on new technologies, demand for original equipment manufacturers'
products reaching anticipated levels, cost-effective manufacturing of new
products and the impact of competitive products and pricing and risks and
uncertainties involved in foreign operations. These and other risks are
detailed from time-to-time in the Maxwell Technologies' SEC reports,
including the report on Form 10-K for the fiscal year ended December 31,
2000. Actual results may differ materially from those projected. These
forward-looking statements represent the Company's judgment as of the date of
this news release. The Company disclaims any intent or obligation to update
these forward-looking statements.
Media contacts: Karl Thidemann, Solectria Corporation, tel 978-658-2231,
email thidemann@...; Mike Sund, Maxwell Technologies, tel
858-503-5171, email msund@...
Solectria Corporation http://www.solectria.com
Maxwell Technologies http://www.maxwell.com
Northeast Advanced Vehicle Consortium http://www.navc.org
Vermont Electric Vehicle Program
Defense Advanced Research Projects Agency http://www.arpa.mil