Maxwell Technologies, Inc. (Nasdaq: MXWL) has received a purchase order for 100,000 square meters of its proprietary ultracapacitor electrode material from Shanghai Sanjiu Electric Equipment Company, Ltd., (Sanjiu) which is preparing to introduce a line of ultracapacitor products based on Maxwell’s cell architecture and high-performance electrode for the Chinese transportation, electric utility and industrial markets, with a specific focus on Shanghai. The order is to be filled over the balance of 2007, based on Sanjiu’s planned production of 100,000 large cell 3,000 farad ultracapacitors cells for the year.
Dr. Richard Balanson, Maxwell’s President and CEO, said that while Maxwell has been establishing separate manufacturing facilities and its own sales and distribution organization to market Maxwell’s BOOSTCAP® ultracapacitor products in China, the alliance with Sanjiu will accelerate penetration of the very large and rapidly growing Chinese market.
“The financial resources of Ruihua and SUEP and their networks of affiliated power utility and manufacturing companies and distribution channels will enable Sanjiu to expand ultracapacitor sales in China more broadly and rapidly than Maxwell could on its own,” Balanson said. “In addition to generating high-volume sales of our electrode material, this relationship may also provide an additional future option for offshore ultracapacitor assembly capacity to meet growing worldwide demand for our BOOSTCAP products.”
Mr. Hong Yuan Shuai, Chairman and Chief Executive Officer of the Ruihua Group, said that Sanjiu already has produced and delivered a variety of prototype electric and hybrid buses, trucks and other vehicles powered by drive systems employing a combination of batteries and BOOSTCAP ultracapacitors for energy storage and regenerative braking. He noted that Sanjiu also is developing ultracapacitor-based power conditioning systems to enhance the reliability of electric utility infrastructure through its affiliation with SUEP, which operates a significant portion of the utility grid in Shanghai.
“We have identified substantial and immediate demand for ultracapacitor-based energy storage and power delivery systems for a broad range of transportation, industrial and utility applications,” Mr. Shuai said. “Maxwell’s ultracapacitor cell and module designs, manufacturing know-how and high-quality, low-cost, electrode material have been instrumental in helping us to rapidly build a new company and develop a line of products to meet that demand.
Sanjiu is a joint venture of The Ruihua Group and SUEP, whose diverse interests are focused primarily on innovative technologies and products aimed at enhancing the efficiency and environmental compatibility of transportation, industry and electric power generation and distribution. They conduct business through wholly-owned manufacturing and electric power utility infrastructure companies and joint ventures with Japanese and Swedish partners who share their commitment to developing and commercializing “green” power solutions.
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