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Maxwell, Chinese Partner To Make Hybrid Batteries

The deal between the energy storage company and Tianjin Lishen Battery will incorporate the companies' respective ultracapacitor and ion battery technology.

Nov 19, 2007
SAN DIEGO (AP) — Energy storage company Maxwell Technologies Inc. said Monday it has struck a deal with one of China's largest rechargeable battery makers to make new ''hybrid'' energy storage products.
 
The deal, with Tianjin Lishen Battery Joint Stock Co. Ltd., will incorporate the companies' respective ultracapacitor and ion battery technology.
 
Maxwell said it would move some of its product assembly to the Chinese company.
 
Tianjin Lishen supplies rechargeable batteries to cellular manufacturers including Motorola and Samsung and has annual sales of approximately $200 million, according to Maxwell.
 
Maxwell shares surged to $11.39 in premarket trading, up 14.7 percent from Friday's closing price of $9.93.
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