Exhibit 1.01
Maxwell Technologies, Inc.
Conflict Minerals Report
For the Year Ended December 31, 2017
This Conflict Minerals Report (“Report”) for the year ended December 31, 2017 has been prepared in accordance with Rule 13p-1 of the Securities Exchange Act of 1934 (“Rule 13p-1”). Certain terms in this Report are defined in Rule 13p-1, and the reader is referred to this Rule and to Release No. 34-67716 issued by the Securities and Exchange Commission on August 22, 2012 for these definitions.
Conflict Minerals, as defined under Rule 13p-1, include tin, tantalum, tungsten or gold, or their derivatives. Maxwell Technologies, Inc. ("Maxwell" or the "Company") manufactures, or contracts to manufacture, the following products containing Conflict Minerals necessary to the functionality or production of the products:
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| • | Energy Storage: The Company’s ultracapacitor products are energy storage devices that possess a unique combination of high power density, extremely long operational life and the ability to charge and discharge very rapidly. The Company’s ultracapacitor cells, multi-cell packs and modules provide highly reliable energy storage and power delivery solutions for applications in multiple industries, including automotive, grid energy storage, wind, bus, industrial and truck. The Company’s lithium-ion capacitors are energy storage devices with the power characteristics of an ultracapacitor combined with enhanced energy storage capacity approaching that of a battery and are uniquely designed to address a variety of applications in the rail, grid, and industrial markets where energy density and weight are differentiating factors; and |
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| • | High-Voltage Capacitors, The Company’s CONDIS® high-voltage capacitors are designed and manufactured to perform reliably for decades in all climates. These products include grading and coupling capacitors, electric voltage transformers and metering products that are used to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. |
In accordance with Rule 13p-1, Maxwell undertook due diligence to determine the source and chain of custody of Conflict Minerals necessary to the production or functionality of its products. In conducting its due diligence, Maxwell applied the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (“OECD Due Diligence Guidance”), an internationally recognized due diligence framework. The objective of this due diligence is to determine whether Conflict Minerals originated in the Democratic Republic of the Congo or an adjoining country (collectively defined as the “Covered Countries”), and if so, whether sourcing practices directly or indirectly financed or benefited Armed Groups in the Covered Countries. Under Rule 13p-1, “DRC conflict free” refers to products for which sourcing practices did not directly or indirectly finance or benefit Armed Groups in the Covered Countries. In this Report, Maxwell uses the term “conflict-free” more broadly to refer to suppliers, smelters and refiners that source Conflict Minerals without funding conflict as described above.
Maxwell exercised reasonable due diligence to determine the source and chain of custody of its Conflict Minerals in accordance with the OECD Due Diligence Guidance. These procedures included the following:
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| • | Oversight of the Company’s compliance with Rule 13p-1, including the design and execution of a due diligence plan, by a steering committee which included executive leadership; |
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| • | Maintained a Conflict Mineral Policy which is published on Maxwell's publicly-available internet site; |
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| • | Determined in-scope suppliers of materials and components that contain or may contain Conflict Minerals and conducted supply chain surveys to assess the usage of Conflict Minerals and to identify the smelter and refiners of Conflict Minerals in the Company’s supply chain; |
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| • | Reviewed and evaluated responses received from in-scope suppliers for reasonableness and conducted several rounds of follow up on incomplete responses; |
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| • | Evaluated smelting and refining facilities identified in the Company’s supply chains for Conflict Minerals against the list of smelters and refiners that have been designated as “conflict-free” under the Conflict-Free Smelter Program sponsored by the Electronics Industry Citizen Coalition and the Global e-Sustainability Initiative ("EICC-GeSI"); and, |
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| • | Assigned a risk score to each supplier of Conflict Minerals based on mineral sourcing practices in order to understand the risk of conflict-sourcing in Maxwell's products and to determine further due diligence measures to be performed. |
For the supply chain surveys described above, Maxwell conducted these surveys utilizing the Conflict Mineral Reporting Template developed by EICC-GeSI. All responses received from suppliers were reviewed and evaluated for reasonableness and completeness and all identified smelters and refiners were checked against the EICC-GeSI list of certified “conflict-free” smelters and refiners to determine whether the facility has been independently certified as “conflict-free”. To date, not all suppliers have responded to Maxwell’s survey, and for those suppliers which did respond, some responses were incomplete in that not all of the indirect suppliers underlying Maxwell’s direct suppliers have provided complete location of origin information for Conflict Minerals. Therefore, the source and chain of custody information for Conflict Minerals included in Maxwell’s products is currently incomplete. Further, not all known smelters and refiners have been designated as “conflict-free” under the EICC-GeSI Conflict Free Smelter Program.
Below is a summary of the number of suppliers surveyed for each product line and the responses received to date:
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| • | For Energy Storage products, inclusive of our recently-acquired Korea subsidiary, 13 suppliers were surveyed and approximately 77% of suppliers have provided a survey response. |
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| • | For High-Voltage Capacitor products, 3 suppliers were surveyed and all three suppliers have provided a survey response. |
Identified smelters and refiners and countries of origin for Conflict Minerals included in the Company’s products, to the extent known, are listed in Appendix A to this Report.
Future Risk Mitigation Efforts
We are committed to complying with the provisions of the Rule 13p-1 and expect to continue to execute our conflict minerals program and related due diligence. Maxwell plans, among other things, to continue to:
(i) execute due diligence measures to determine the source and chain of custody of Conflict Minerals contained in its products;
(ii) focus on the analysis of supplier responses and executing due diligence efforts and procedures for suppliers that report to source from one or more of the Covered Countries, specifically at the smelter or refiner level;
(iii) engage with suppliers that provided incomplete responses or that did not provide responses for 2017 to help ensure that they provided requested information;
(iv) build transparency over our supply chain in accordance with OECD Due Diligence Guidance; and
(v) implement a strategy to respond to identified risk, including but not limited to, potential action to be taken against suppliers that do not respond to our requests or do not provide reasonable information to support our due diligence activities.
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| Metal (*) | Smelter Name | Smelter Country | Smelter Identification | Source of Smelter Identification Number |
| Gold | AGR Mathey | AUSTRALIA | CID002030 | CFSI |
| Gold | Aida Chemical Industries Co., Ltd. | JAPAN | CID000019 | CFSI |
| Gold | Allgemeine Gold-und Silberscheideanstalt A.G. | GERMANY | CID000035 | CFSI |
| Gold | Argor-Heraeus S.A. | SWITZERLAND | CID000077 | CFSI |
| Gold | Asahi Refining Canada Ltd. | CANADA | CID000924 | CFSI |
| Gold | Asahi Refining USA Inc. | UNITED STATES OF AMERICA | CID000920 | CFSI |
| Gold | Aurubis AG | GERMANY | CID000113 | CFSI |
| Gold | C. Hafner GmbH + Co. KG | GERMANY | CID000176 | CFSI |
| Gold | CCR Refinery - Glencore Canada Corporation | CANADA | CID000185 | CFSI |
| Gold | DODUCO Contacts and Refining GmbH | GERMANY | CID000362 | CFSI |
| Gold | Heimerle + Meule GmbH | GERMANY | CID000694 | CFSI |
| Gold | Heraeus Metals Hong Kong Ltd. | CHINA | CID000707 | CFSI |
| Gold | Heraeus Precious Metals GmbH & Co. KG | GERMANY | CID000711 | CFSI |
| Gold | Kennecott Utah Copper LLC | UNITED STATES OF AMERICA | CID000969 | CFSI |
| Gold | LS-NIKKO Copper Inc. | KOREA, REPUBLIC OF | CID001078 | CFSI |
| Gold | Metalor Technologies S.A. | SWITZERLAND | CID001153 | CFSI |
| Gold | Metalor USA Refining Corporation | UNITED STATES OF AMERICA | CID001157 | CFSI |
| Gold | Metalurgica Met-Mex Penoles S.A. De C.V. | MEXICO | CID001161 | CFSI |
| Gold | Ohio Precious Metals, LLC | UNITED STATES OF AMERICA | CID001322 | CFSI |
| Gold | Republic Metals Corporation | UNITED STATES OF AMERICA | CID002510 | CFSI |
| Gold | Royal Canadian Mint | CANADA | CID001534 | CFSI |
| Gold | SAXONIA Edelmetalle GmbH | GERMANY | CID002777 | CFSI |
| Gold | SEMPSA Joyeria Plateria S.A. | SPAIN | CID001585 | CFSI |
| Gold | Shandong Zhaojin Gold & Silver Refinery Co., Ltd. | CHINA | CID001622 | CFSI |
| Gold | Tanaka Kikinzoku Kogyo K.K | JAPAN | CID001875 | CFSI |
| Gold | The Refinery of Shandong Gold Mining Co., Ltd. | CHINA | CID001916 | CFSI |
| Gold | Umicore Brasil Ltda. | BRAZIL | CID001977 | CFSI |
| Gold | Umicore S.A. Business Unit Precious Metals Refining | BELGIUM | CID001980 | CFSI |
| Gold | United Precious Metal Refining, Inc. | UNITED STATES OF AMERICA | CID001993 | CFSI |
| Gold | WIELAND Edelmetalle GmbH | GERMANY | CID002778 | CFSI |
| Gold | Zhaojin Mining Industry Co., Ltd. | CHINA | CID001622 | CFSI |
| Gold | Zhongyuan Gold Smelter of Zhongjin Gold Corporation | CHINA | CID002224 | CFSI |
| Tantalum | Douluoshan Sapphire Rare Metal Co Ltd | CHINA | CID000410 | CFSI |
| Tantalum | F&X Electro-Materials Ltd. | CHINA | CID000460 | CFSI |
| Tantalum | Global Advanced Metals Aizu | JAPAN | CID002558 | CFSI |
| Tantalum | Global Advanced Metals Boyertown | UNITED STATES OF AMERICA | CID002557 | CFSI |
| Tantalum | H.C. Starck Co., Ltd. | THAILAND | CID002544 | CFSI |
| Tantalum | H.C. Starck Hermsdorf GmbH | GERMANY | CID002547 | CFSI |
| Tantalum | H.C. Starck Inc. | UNITED STATES OF AMERICA | CID002548 | CFSI |
| Tantalum | H.C. Starck Ltd. | JAPAN | CID002549 | CFSI |
| Tantalum | KEMET Blue Metals | MEXICO | CID002539 | CFSI |
| Tantalum | KEMET Blue Powder | UNITED STATES OF AMERICA | CID002568 | CFSI |
| Tantalum | Ningxia Orient Tantalum Industry Co., Ltd. | CHINA | CID001277 | CFSI |
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| Tantalum | ULBA | KAZAKHSTAN | CID001969 | CFSI |
| Tantalum | Zhuzhou Cemented Carbide Group | CHINA | CID002232 | CFSI |
| Tin | Alpha | UNITED STATES OF AMERICA | CID000292 | CFSI |
| Tin | Alpha Metals | UNITED STATES OF AMERICA | CID000292 | CFSI |
| Tin | Alpha Metals Taiwan | UNITED STATES OF AMERICA | CID000292 | CFSI |
| Tin | An Vinh Joint Stock Mineral Processing Company | VIET NAM | CID002703 | CFSI |
| Tin | Chengfeng Metals Co Pte Ltd | CHINA | CID002158 | CFSI |
| Tin | Chenzhou Yunxiang Mining and Metallurgy Co., Ltd. | CHINA | CID000228 | CFSI |
| Tin | China Tin Group Co., Ltd. | CHINA | CID001070 | CFSI |
| Tin | China Tin Group Co., Ltd. | CHINA | CID001070 | CFSI |
| Tin | CNMC (Guangxi) PGMA Co., Ltd. | CHINA | CID000278 | CFSI |
| Tin | Cookson (Alpha Metals Taiwan) | UNITED STATES OF AMERICA | CID000292 | CFSI |
| Tin | CV Ayi Jaya | INDONESIA | CID002570 | CFSI |
| Tin | CV Dua Sekawan | INDONESIA | CID002592 | CFSI |
| Tin | CV Gita Pesona | INDONESIA | CID000306 | CFSI |
| Tin | CV Serumpun Sebalai | INDONESIA | CID000313 | CFSI |
| Tin | CV Tiga Sekawan | INDONESIA | CID002593 | CFSI |
| Tin | CV United Smelting | INDONESIA | CID000315 | CFSI |
| Tin | CV Venus Inti Perkasa | INDONESIA | CID002455 | CFSI |
| Tin | Dowa | JAPAN | CID000402 | CFSI |
| Tin | Electro-Mechanical Facility of the Cao Bang Minerals & Metallurgy Joint Stock Company | VIET NAM | CID002572 | CFSI |
| Tin | EM Vinto | BOLIVIA (PLURINATIONAL STATE OF) | CID000438 | CFSI |
| Tin | Estanho de Rondonia S.A. | BRAZIL | CID000448 | CFSI |
| Tin | Fenix Metals | POLAND | CID000468 | CFSI |
| Tin | Gejiu Fengming Metallurgy Chemical Plant | CHINA | CID002848 | CFSI |
| Tin | Gejiu Jinye Mineral Company | CHINA | CID002859 | CFSI |
| Tin | Gejiu Kai Meng Industry and Trade LLC | CHINA | CID000942 | CFSI |
| Tin | Gejiu Non-Ferrous Metal Processing Co., Ltd. | CHINA | CID000538 | CFSI |
| Tin | Gejiu Yunxin Nonferrous Electrolysis Co., Ltd. | CHINA | CID001908 | CFSI |
| Tin | Gejiu Zili Mining And Metallurgy Co., Ltd. | CHINA | CID000555 | CFSI |
| Tin | Guanyang Guida Nonferrous Metal Smelting Plant | CHINA | CID002849 | CFSI |
| Tin | HuiChang Hill Tin Industry Co., Ltd. | CHINA | CID002844 | CFSI |
| Tin | Huichang Jinshunda Tin Co., Ltd. | CHINA | CID000760 | CFSI |
| Tin | Jiangxi Ketai Advanced Material Co., Ltd. | CHINA | CID000244 | CFSI |
| Tin | Magnu's Minerais Metais e Ligas Ltda. | BRAZIL | CID002468 | CFSI |
| Tin | Malaysia Smelting Corporation (MSC) | MALAYSIA | CID001105 | CFSI |
| Tin | Melt Metais e Ligas S.A. | BRAZIL | CID002500 | CFSI |
| Tin | Metallic Resources, Inc. | UNITED STATES OF AMERICA | CID001142 | CFSI |
| Tin | Metallo Belgium N.V. | BELGIUM | CID002773 | CFSI |
| Tin | Metallo Spain S.L.U. | SPAIN | CID002774 | CFSI |
| Tin | Mineracao Taboca S.A. | BRAZIL | CID001173 | CFSI |
| Tin | Minsur | PERU | CID001182 | CFSI |
| Tin | Mitsubishi Materials Corporation | JAPAN | CID001191 | CFSI |
| Tin | Modeltech Sdn Bhd | MALAYSIA | CID002858 | CFSI |
| Tin | Nankang Nanshan Tin Manufactory Co., Ltd. | CHINA | CID001231 | CFSI |
| Tin | Nghe Tinh Non-Ferrous Metals Joint Stock Company | VIET NAM | CID002573 | CFSI |
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| Tin | O.M. Manufacturing (Thailand) Co., Ltd. | THAILAND | CID001314 | CFSI |
| Tin | O.M. Manufacturing Philippines, Inc. | PHILIPPINES | CID002517 | CFSI |
| Tin | OMSA | BOLIVIA (PLURINATIONAL STATE OF) | CID001337 | CFSI |
| Tin | Operaciones Metalurgical S.A. | BOLIVIA (PLURINATIONAL STATE OF) | CID001337 | CFSI |
| Tin | PT Aries Kencana Sejahtera | INDONESIA | CID000309 | CFSI |
| Tin | PT Artha Cipta Langgeng | INDONESIA | CID001399 | CFSI |
| Tin | PT ATD Makmur Mandiri Jaya | INDONESIA | CID002503 | CFSI |
| Tin | PT Babel Inti Perkasa | INDONESIA | CID001402 | CFSI |
| Tin | PT Bangka Prima Tin | INDONESIA | CID002776 | CFSI |
| Tin | PT Bangka Tin Industry | INDONESIA | CID001419 | CFSI |
| Tin | PT Belitung Industri Sejahtera | INDONESIA | CID001421 | CFSI |
| Tin | PT Bukit Timah | INDONESIA | CID001428 | CFSI |
| Tin | PT DS Jaya Abadi | INDONESIA | CID001434 | CFSI |
| Tin | PT Eunindo Usaha Mandiri | INDONESIA | CID001438 | CFSI |
| Tin | PT Inti Stania Prima | INDONESIA | CID002530 | CFSI |
| Tin | PT Karimun Mining | INDONESIA | CID001448 | CFSI |
| Tin | PT Kijang Jaya Mandiri | INDONESIA | CID002829 | CFSI |
| Tin | PT Mitra Stania Prima | INDONESIA | CID001453 | CFSI |
| Tin | PT O.M. Indonesia | INDONESIA | CID002757 | CFSI |
| Tin | PT Panca Mega Persada | INDONESIA | CID001457 | CFSI |
| Tin | PT Prima Timah Utama | INDONESIA | CID001458 | CFSI |
| Tin | PT Refined Bangka Tin | INDONESIA | CID001460 | CFSI |
| Tin | PT Sariwiguna Binasentosa | INDONESIA | CID001463 | CFSI |
| Tin | PT Stanindo Inti Perkasa | INDONESIA | CID001468 | CFSI |
| Tin | PT Sukses Inti Makmur | INDONESIA | CID002816 | CFSI |
| Tin | PT Sumber Jaya Indah | INDONESIA | CID001471 | CFSI |
| Tin | PT Timah (Persero) Tbk Kundur | INDONESIA | CID001477 | CFSI |
| Tin | PT Timah (Persero) Tbk Mentok | INDONESIA | CID001482 | CFSI |
| Tin | PT Tinindo Inter Nusa | INDONESIA | CID001490 | CFSI |
| Tin | PT Tommy Utama | INDONESIA | CID001493 | CFSI |
| Tin | Resind Industria e Comercio Ltda. | BRAZIL | CID002706 | CFSI |
| Tin | Rui Da Hung | TAIWAN, PROVINCE OF CHINA | CID001539 | CFSI |
| Tin | Soft Metais Ltda. | BRAZIL | CID001758 | CFSI |
| Tin | Super Ligas | BRAZIL | CID002756 | CFSI |
| Tin | Thaisarco | THAILAND | CID001898 | CFSI |
| Tin | Tuyen Quang Non-Ferrous Metals Joint Stock Company | VIET NAM | CID002574 | CFSI |
| Tin | White Solder Metalurgia e Mineracao Ltda. | BRAZIL | CID002036 | CFSI |
| Tin | Chengfeng Metals Co Pte Ltd | CHINA | CID002158 | CFSI |
| Tin | Yunnan Tin Company, Ltd. | CHINA | CID002180 | CFSI |
| Tungsten | Allied Material Corporation | JAPAN | CID000004 | CFSI |
| Tungsten | Chongyi Zhangyuan Tungsten Co., Ltd. | CHINA | CID000258 | CFSI |
| Tungsten | Xiamen Tungsten Co., Ltd. | CHINA | CID002082 | CFSI |
