FOR IMMEDIATE RELEASE March 17, 2003

Maxwell’s BOOSTCAP Ultracapacitors Designed Into SmartSynch’s Innovative SmartMeter

SAN DIEGO, CA — Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that its BOOSTCAP® ultracapacitor has been designed into SmartSynch’s SmartMeter.

SmartSynch is a technological leader in the automated meter reading market. There are currently over 100 million utility meters in the United States. Approximately 10 million of those are Commercial and Industrial (C&I) meters, which SmartSynch is targeting with its SmartMeter.

“Maxwell’s BOOSTCAP ultracapacitors significantly increase the performance of the energy storage system of our SmartMeter hardware,” said Samer N’Ser, SmartSynch’s Vice President of Hardware Solutions. “The long lifetime, expanded temperature range and performance of Maxwell’s capacitors will reduce maintenance costs and enhance the value proposition of our product.”

Robert Tressler, Maxwell’s Vice President, said, “We are happy to be part of such a ground-breaking product. SmartSynch’s SmartMeter is a perfect example of the kind of engineering advancements that can be achieved when our revolutionary technology is combined with a revolutionary design.”

SmartSynch, an energy technology company based in Jackson, Mississippi, is the leading provider of smart metering solutions to the energy and utility industry. Its core product, the SmartMeter System, enables energy and utility companies to communicate with commercial and industrial electricity meters using wireless communications and the Internet. The SmartMeter System manages the delivery of critical information to any application system, workstation, computer, or browser enabled personal communications device. For more information, visit www.smartsynch.com.

Maxwell designs, develops and manufactures BOOSTCAP ultracapacitors that store and release from five to 2,700 farads of electrical energy for applications in consumer and industrial electronics devices and industrial and transportation systems.

Maxwell sells reliability. We develop, manufacture and market electronic components and systems that perform reliably for the life of the end products into which they are integrated. Our power products address applications in transportation, telecommunications, consumer and industrial electronics, electric utility infrastructure and medical imaging and industrial automation systems. Our microelectronic products primarily address applications in aerospace. Our power product lines are comprised of ultracapacitors, high voltage capacitors, and custom power and energy storage systems. Our microelectronic product lines are comprised of radiation-shielded power modules, memory modules and single board computers. We also design and sell automated winding equipment used to manufacture metalized film capacitors and lithium batteries.

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, general economic conditions in the markets served by the company’s products, cost-effective manufacturing of new products, 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 Company's SEC reports, including the report on Form 10-K for the fiscal year ended December 31, 2001. 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.

Contact:
Michael Sund
Maxwell Technologies
(858) 503-5171

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