Wells Fargo (NYSE:WFC) and Maxwell Technologies (Nasdaq: MXWL) announced
today that they have completed a $27.5 million multi-year credit
arrangement to finance growth in Maxwell’s ultracapacitor product group.
The credit facilities will be used by Maxwell to help support working
capital and capital expenditures related to production equipment.
“The strong growth in ultracapacitor sales that we reported in recent
quarters is fueling greater financing needs for our company,” said Kevin
S. Royal, chief financial officer at Maxwell Technologies. “We are
pleased that Wells Fargo is partnering with Maxwell to play such a
critical role in helping us meet our growing business and financial
“Wells Fargo is committed to lending money to innovative technology
companies,” said Tim Sandel, head of Wells Fargo’s Southern California
Technology and Venture Banking Group. “We believe Maxwell Technologies
demonstrates the potential of high-growth companies to drive economic
recovery and innovation in the U.S. and establish global industry
leadership. We’re very happy to help support the growth of this thriving
Wells Fargo’s Commercial Bank serves middle market businesses with
annual sales from $10 million to $1 billion. Nationwide, Wells Fargo is
the No. 1 commercial bank in middle markets. In addition to providing a
world-class customer experience for clients, Wells Fargo commercial
bankers also are committed to being good citizens, from charitable
giving to volunteering to public service.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.2 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 stores, 12,000 ATMs, the Internet
(wellsfargo.com and wachovia.com), and other distribution channels
across North America and internationally. With approximately 280,000
team members, Wells Fargo serves one in three households in America.
Wells Fargo & Company was ranked No. 23 on Fortune’s 2011
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy all our customers’ financial needs and help them succeed
Maxwell Technologies is a leading developer and manufacturer of
innovative, cost-effective energy storage and power delivery solutions.
products provide safe and reliable power solutions for applications
in consumer and industrial electronics, transportation and
telecommunications. The company’s high-voltage
grading and coupling capacitors help to ensure the safety and
reliability of electric utility infrastructure and other applications
involving transport, distribution and measurement of high-voltage
electrical energy. Maxwell’s radiation-mitigated microelectronic
products include power modules, memory modules and single board
computers that incorporate powerful commercial silicon for superior
performance and high reliability in aerospace applications. For more
information, please visit www.maxwell.com.