Maxwell Completes Acquisition of Nesscap Energy Business

Maxwell's acquisition of Nesscap Energy will help further expand its ultracapacitor product offering.

Maxwell Technologies Inc., a leading developer and manufacturer of capacitive energy storage and power delivery solutions, announces that it has successfully completed its acquisition of substantially all of the assets and business, including the operating entities, of Nesscap Energy Inc. pursuant to the arrangement agreement that was announced on February 28, 2017. Maxwell issued approximately 4.15 million shares and assumed ordinary course liabilities of the business in consideration for the purchase of the Nesscap business.

"We are pleased to have brought the acquisition to completion and are excited to add Nesscap's deep bench of talent to the Maxwell team. Nesscap's industry-leading small and medium cell ultracapacitor technology complements Maxwell's leadership in large cells, creating an expanded and strengthened product portfolio. With our combined development pipeline, we will be able to deliver more products and technologies faster to our global customer base," says Dr. Franz Fink, Maxwell's President and CEO. "The completion of this acquisition marks an important step for Maxwell in its plan to achieve growth and profitability, as it puts our ultracapacitor product line on a solid foundation and provides needed scale as we move towards our inflection point in late 2018. With the acquisition now finalized, our integration teams are working together and we believe we will identify additional opportunities to further accelerate and grow our opportunity pipeline," adds Fink.

As a market leader in innovative small cell format ultracapacitor products and technologies, the Nesscap business includes research, development and manufacturing of energy storage and power delivery solutions with operations in Korea, Germany, and China. The key benefits of the transaction include expanded and solidified opportunities in the Wind, Automotive, and Industrial Markets that are expected to accelerate top-line growth, diversify revenue, accelerate innovation, and reduce product time to market with an expanded portfolio, improved cost competitiveness through manufacturing efficiencies, and financials that are expected to be immediately accretive to Maxwell's non-GAAP earnings per share and contribute positive adjusted EBITDA in 2017.