San Diego, Calif. -- Maxwell Technologies Incorporated (NASDAQ: MXWL) today announced a joint development agreement with Corning Incorporated (NYSE: GLW) with the goal of advancing the state of capacitive energy storage technology by addressing the challenges frequently cited by ultracapacitor customers, including energy density, lifetime, operating environment, form factor and cost.
The unique benefits Corning and Maxwell bring to this opportunity will create a compelling collaboration in the energy storage industry. Maxwell's expertise in ultracapacitor cell design, manufacturing processes and market-leading capacitive energy storage product designs combined with Corning's expertise in high-performance materials, analytical capabilities and technology innovations should enable the two parties, working in collaboration, to ultimately achieve superior product value for customers and end users. Corning's long history of serving the transportation industry with emissions control products for the automotive and heavy-duty truck markets will complement Maxwell's growing presence in providing energy storage solutions for these application spaces.
"Corning has invested significant time and resources to establish this new business initiative because we see great potential in capacitive energy storage. We are excited to work with a company like Maxwell who has such a long history of innovation in the field and strong market presence. Our agreement brings us together to accelerate the pace of innovation," said Doug Harshbarger, business director of emerging automotive innovations at Corning Incorporated.
"Joining forces with a company of Corning's quality and strength promises to be a game-changing event for Maxwell," said Dr. Franz Fink, Maxwell's president and chief executive officer. "We believe that this alliance will create tremendous value for customers and will move the competitive bar much higher in the years ahead."
Unlike batteries, which produce and store energy by means of a chemical reaction, ultracapacitors store energy in an electric field. This electrostatic energy storage mechanism enables ultracapacitors to charge and discharge in as little as fractions of a second, perform normally over a broad temperature range (-40°C to +65°C), operate reliably through one million or more charge/discharge cycles and resist shock and vibration. Maxwell offers ultracapacitor cells ranging in capacitance from one to 3,400 farads and multi-cell modules ranging from 12 to 160 volts.