Maxwell Technologies Announces At-the-Market Equity Offering

Maxwell Technologies, Inc.

entered into an At-the-Market equity offering sales agreement with Citadel Securities LLC on February 16, 2012, under which Maxwell may, from time to time, offer and sell shares of its common stock having an aggregate value of up to $30 million through Citadel. Maxwell expects to use any proceeds from this offering to satisfy working capital needs and fund the ongoing growth of its business. Under the ATM equity offering sales agreement, sales of common stock, if any, through Citadel, will be made by means of ordinary brokers' transactions, in private negotiated transactions, or otherwise, at market prices prevailing at the time of sales, prices related to prevailing market prices or negotiated prices.