Maxwell issued 4.15 million shares to complete Acquisition of Nesscap Energy Business

Maxwell Technologies announced that it has issued 4.15 million shares and successfully completed its acquisition of substantially all of the assets and business, including the operating entities, of Nesscap Energy pursuant to the arrangement agreement that was announced on February 28, 2017.

Maxwell’s President and CEO, Dr. Franz Fink said that they 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 their combined development pipeline, they will be able to deliver more products and technologies faster to their global customer base. The completion of this acquisition marks an important step for Maxwell in its plan to achieve growth and profitability, as it puts their ultracapacitor product line on a solid foundation and provides needed scale as we move towards their inflection point in late 2018. With the acquisition now finalized, their integration teams are working together and they believe they will identify additional opportunities to further accelerate and grow our opportunity pipeline.

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.