Maxwell Technologies Signs Agreement to Supply Ultracapacitors for General Motors

Maxwell Technologies Inc. (San Diego, CA) announced that it has signed an agreement to supply ultracapacitor energy-storage cells to General Motors (Detroit, MI) and General Motors' Allison Transmission division. Maxwell Technologies President and CEO Carl Eibl said that the agreement is the first of what the company expects to be multiple opportunities for its ultracapacitors to address the energy-storage and burst-power needs of the transportation industry.

“General Motors and Allison evaluated the entire gamut of available energy-storage options, including numerous battery alternatives, and chose Maxwell's PowerCache ultracapacitors for their hybrid vehicles," said Eibl. “We believe that at a target price of $30 or less per cell in 2003, total transportation market demand could reach one million cells in 2003, and ramp rapidly to more than 100 million cells in 2008."