Energy storage company Maxwell Technologies Inc. (Nasdaq: MXWL) has signed a deal with one of China’s largest producers of rechargeable lithium-ion batteries to create new “hybrid” energy storage products.
Tianjin Lishen Battery Joint-Stock Co., Ltd., will combine its battery technology with Maxwell’s ultracapacitors.
David Schramm, Maxwell’s president and CEO, said that the companies see a large market opportunity for products that leverage the complementary strengths of double layer capacitor and li-ion battery technologies.
“We believe that the products we envision will give end-users the best of both worlds in terms of the long cycle life, rapid charge/discharge characteristics and low temperature performance of ultracapacitors and the large energy storage capacity of lithium-ion batteries,” Schramm said.
Schramm also said Maxwell intends to move some of its product assembly to Lishen.
The AP reported that Maxwell shares surged to $11.39 in premarket trading, up 14.7% from Friday’s closing price of $9.93.
About Lishen
Tianjin Lishen Battery Joint-Stock Co., Ltd., claims to be China’s leading producer of rechargeable lithium-ion batteries with 2007 sales estimated to reach approximately $200 million. In 2006, Lishen was ranked eighth among Forbes Magazine’s Top 100 High Potential Chinese Enterprises. For additional information, visit http://www.lishen.com.cn.
About Maxwell
Maxwell manufactures energy storage and power delivery solutions. Its ultracapacitor cells and multi-cell modules provide power for consumer and industrial electronics, transportation and telecommunications.
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