Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today it has entered into a one-year agreement with Pana-Pacific, a preferred integrator and engineering partner in the commercial vehicle market, to distribute Maxwell's new ultracapacitor-based Engine Start Module (ESM) in U.S, Canada and Mexico.

MAXWELL TECHNOLOGIES INKS AGREEMENT WITH PANA-PACIFIC TO DISTRIBUTE ITS NEW ULTRACAPACITOR-BASED ENGINE START MODULE FOR TRUCKS

Engine Start Module available in all OEM after-market truck dealerships in U.S., Canada and Mexico.

SAN DIEGO, CALIF. (January 24, 2012) – Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today it has entered into a one-year agreement with Pana-Pacific, a preferred integrator and engineering partner in the commercial vehicle market, to distribute Maxwell's new ultracapacitor-based Engine Start Module (ESM) in the United States, Canada and Mexico. As a result of the agreement, the ESM is now available through all original equipment manufacturer (OEM) after-market truck dealerships, including Freightliner, International, Kenworth, Mack Trucks, Peterbilt, Volvo and Western Star Trucks.

"Pana-Pacific has a long history and great reputation as an integrator in the commercial vehicle market and we're very pleased to be working with them to make our new Engine Start Module widely available to owner operators and fleets," said Van Andrews, Maxwell's senior vice president, sales and marketing. "Through the agreement, buyers are now able to walk into any heavy-duty truck dealership in the U.S., Canada or Mexico and get the Engine Start Module right off the shelf or order it."

Maxwell developed the ESM incorporating its patented ultracapacitor technology in consultation with heavy truck manufacturers and fleet operators to avoid vehicle starting problems in cold weather or when batteries are drained by repetitive starting or climate control and other driver comfort functions. The ESM is designed for light, medium and heavy duty applications in Class 4 to 8 trucks. More information on the ESM may be accessed via the following link: http://www.maxwell.com/ESM

"The new Engine Start Module is a very promising and benefit packed product that's brand new to the commercial vehicle industry," said John Trenberth, president of Pana-Pacific. "Pana-Pacific is very excited about our new distribution agreement with Maxwell Technologies because we're known for bringing valuable new technologies like the Engine Start Module to the industry."

Key features and benefits of the new Engine Start Module include:
• Reliable starting for diesel engines up to 15 liters at temperatures from -40ºC to 65ºC;
• Maintenance-free operation and "life of the vehicle" reliability;
• Industry standard Group 31 battery form factor for easy integration with battery systems;
• Built-in quick charging system (15 minutes or less);
• Promotes extended battery life; fully compatible with existing battery systems;
• Green technology with no heavy metals or toxic substances requiring special recycling.

Unlike batteries, which produce and store energy by means of a chemical reaction, Maxwell's ultracapacitor products 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 to +65C), operate reliably through one million or more charge/discharge cycles and resist shock, vibration and overcharging.

About Pana-Pacific:
Our dedicated sales and engineering experts have worked side-by-side with Commercial Vehicle (CV) manufacturers for over 39 years, to develop and implement quality products for vehicles that live up to the required standards. Our customers have come to rely on us as the expert in the areas of mobile audio and entertainment, satellite radio, safety, navigation, video systems, communications, mobile appliances and more. Pana-Pacific has a systems-integration approach, which has positioned the company to offer world class products from global companies to the CV manufacturers as well as their dealers and other valued customers. With 14 original equipment (OE) manufacturers as customers Pana-Pacific provides services to approximately 2,200 OE dealers, over 35 OE part distribution centers and thousands of CV fleet companies. At any given time, you will find over 2,000 unique OEM part numbers in stock and available for shipment from our warehouse facility in Fresno, California. For more information, please visit www.panapacific.com.

About Maxwell Technologies:
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Maxwell's ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Its 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. Its 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 www.maxwell.com.
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Contacts:
Media: Michael Williams, Motor Public Relations (949) 218-2500 x336; mwilliams@motorcreative.com
Investor: Michael Sund, Maxwell Technologies (858) 503-3233; msund@maxwell.com
Sales: Michael Eliseo, Maxwell Technologies (858) 205-7325; meliseo@maxwell.com