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 needs."
“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 company.”
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 financially.
Maxwell Technologies is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Maxwell’s ultracapacitor 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.