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Solectria Press Release - May 1, 2001

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  • Karl Thidemann
    NEWS RELEASE For Immediate Release May 1, 2001 SOLECTRIA SELECTS MAXWELL TECHNOLOGIES ULTRACAPACITORS TO ENHANCE ENERGY STORAGE AND POWER DELIVERY IN HYBRID
    Message 1 of 1 , May 1 12:25 PM
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      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
      market.

      "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
      power management."

      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
      http://www.anr.state.vt.us/dec/air/evermont/index.htm
      Defense Advanced Research Projects Agency http://www.arpa.mil
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