Maxwell Technologies Sees Significant Growth Opportunity for Its CONDISÂ® Capacitive Voltage Divider Products in Russia Grid Modernization
ROSSENS, Switzerland, Feb. 22, 2011 /PRNewswire/ — Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that a leading producer of instrument transformers for the Russian utility grid has selected CONDISÃ‚® capacitive voltage dividers (CVD) produced by Maxwell’s Swiss subsidiary for integration into thousands of capacitive voltage transformers that will be installed over the next several years as part of a multi-billion dollar renovation of Russia’s utility infrastructure.
CVDs are used to measure voltage and power levels in overhead power transmission lines. Maxwell offers a full line of CVD products ranging from 72.5kV to 765kV whose robust design and construction enable them to perform reliably for decades in harsh environments and operate normally at temperatures as low -55 degrees C.
The renovation and replacement program, approved and funded by Russia’s Federal Grid Company of the Unified Electrical System, calls for replacement of 198 substations and 61 power transmission lines spanning nearly 4,000 kilometers. Maxwell has received a production schedule calling for initial deliveries of 110kV and 220kV CVDs beginning in 2011. Subsequent phases will require higher voltage products rated at 330kV, 500kV and 750kV.
“This is by far the largest opportunity to date for our CVD products,” said Sacha Jenny, vice president and general manager of Maxwell SA. “Our sales and development teams were able to win this business by demonstrating not only the superiority of our products, in terms of electrical performance, quality and reliability but also our ability to meet very aggressive production schedules and provide responsive service and support.”
Maxwell SA develops, manufactures, and markets CONDISÃ‚® high-voltage capacitor products that are key components of circuit breakers and instrument transformers that are used in electric utility equipment, high voltage laboratories and other applications involving transmission and distribution of electrical energy worldwide. CONDISÃ‚® HV products perform reliably for decades in GIS, dead tank and live tank circuit breakers and other high voltage applications.
Maxwell Technologies is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAPÃ‚® ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDISÃ‚® 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. Our 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.
Forward-looking statements: Statements in this news release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:
- general economic conditions in the markets served by the company’s products;
- development and acceptance of products based on new technologies;
- demand for original equipment manufacturers’ products reaching anticipated levels;
- cost-effective manufacturing and the success of outsourced product assembly;
- the impact of competitive products and pricing;
- risks and uncertainties involved in foreign operations, including the impact of currency fluctuations;
- product liability or warranty claims in excess of the company’s reserves.
For further information regarding risks and uncertainties associated with Maxwell’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of these documents may be obtained by contacting Maxwell’s investor relations department at (858) 503-3434 or at our investor relations website: http://phx.corporate-ir.net/phoenix.zhtml?c=94560&p=irol-sec. All information in this release is as of February 22, 2011. The company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the company’s expectations.
SOURCE Maxwell Technologies, Inc.