NEW YORK, March 19, 2012 /PRNewswire/ -- Bloomberg New Energy Finance today announced Maxwell Technologies, Inc. (Nasdaq: MXWL), as a 2012 New Energy Pioneer. Now in its third year, the Bloomberg New Energy Finance Pioneer program named nine other companies at the fifth annual Bloomberg New Energy Finance Summit in New York. " Maxwell Technologies is proud to be recognized as a New Energy Pioneer," said David Schramm, Maxwell's president and chief executive officer. "Through this program, Bloomberg is bringing public recognition to our company and its nearly 500 employees worldwide for our accomplishments in delivering energy storage products that are enabling advancements in renewable energy, fuel efficiency and environmental responsibility." Unlike batteries, which produce and store energy by means of a chemical reaction, Maxwell's ultracapacitor products store energy in an electric field. This electrostatic energy storage mechanism enables ultracapacitors to charge and discharge in as little as fractions of a second, perform normally over a broad temperature range (-40 to +65C) and operate reliably for up to one million or more charge/discharge cycles. The Bloomberg New Energy Finance Pioneers program identifies companies from around the world that are changing the energy landscape forever. An independent panel of industry experts from banking, academia, corporations, utilities and technology providers chose the honorees by assessing them against three criteria: potential scale, innovation and momentum. This year's winners represent a broad range of industries including bioenergy, energy storage, electric vehicles, smart grid, solar and water. Each of the New Energy Pioneers have innovative, proven technologies, robust business models, the ability to demonstrate traction and momentum in their activities, and the potential for global scale. By rewarding game changing innovators, Bloomberg New Energy Finance hopes to highlight the speed of change in the sectors it serves, which play such an important role in the shift towards a low-carbon economy.