Maxwell Tech, Plug Power in fuel cell deal

San Diego-based Maxwell Technologies (Nasdaq: MXWL) said today that it signed a deal to supply its Boostcap ultracapacitors to Latham, N.Y.'s Plug Power (Nasdaq: PLUG). Maxwell said Plug Power will use the ultracapacitors in its line of GenDrive fuel cell power units.

Financial terms of the contract were not disclosed. The ultracapacitors are scheduled to be delivered during the third and fourth quarters.

"Integrating Maxwell's ultracapacitors into our fuel cell systems enhances the value of our GenDrive product for our customers," said Andy Marsh, president and CEO of Plug Power.

"Ultracapacitors' burst power capabilities for lifting, as well as regenerative braking for energy recuperation and longer operating life make them an ideal complement to hydrogen fuel cells in this application."

Plug Power makes hydrogen fuel cell-based power systems for electric lift trucks.

In July, Maxwell announced a deal to supply its Boostcap ultracapacitors to Xiamen, China's Golden Dragon Bus (see Golden Dragon Bus to use Maxwell ultracapacitors). Golden Dragon is producing diesel-electric hybrid buses for the Hangzhou, China, Public Transport Group.

Maxwell said at the time that it completed delivery of 720 of its 48-volt multi-cell ultracapacitor modules to Golden Dragon for installation into 45 hybrid buses. Financial terms of the supply contract were not disclosed.