-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KmSiAakvKSRBcWI6ePOlimEk0sYSYeye6pR8nGlW3/MXbQNGak/WCQtGKDSoTNWB
 Wc4+NGkwvtfMr5/+feMc4A==

<SEC-DOCUMENT>0001181431-03-037562.txt : 20031223
<SEC-HEADER>0001181431-03-037562.hdr.sgml : 20031223
<ACCEPTANCE-DATETIME>20031223164651
ACCESSION NUMBER:		0001181431-03-037562
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031219
FILED AS OF DATE:		20031223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HAILEMICHAEL TESFAYE
		CENTRAL INDEX KEY:			0001268647

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15477
		FILM NUMBER:		031071587

	BUSINESS ADDRESS:	
		STREET 1:		9244 BALBOA AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123
		BUSINESS PHONE:		8585033033

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAXWELL TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000319815
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPUTERS [3571]
		IRS NUMBER:				952390133
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		8888 BALBOA AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123
		BUSINESS PHONE:		8582795100

	MAIL ADDRESS:	
		STREET 1:		8888 BALBOA AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAXWELL LABORATORIES INC /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd26864.xml
<DESCRIPTION>FORM 4_DECEMBER 23, 2003
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-12-19</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000319815</issuerCik>
        <issuerName>MAXWELL TECHNOLOGIES INC</issuerName>
        <issuerTradingSymbol>MXWL</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001268647</rptOwnerCik>
            <rptOwnerName>HAILEMICHAEL TESFAYE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9244 BALBOA AVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92123</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Chief Financial Officer</officerTitle></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction><securityTitle><value>Employee Stock Option (right to buy)</value></securityTitle><conversionOrExercisePrice><value>7.44</value></conversionOrExercisePrice><transactionDate><value>2003-12-19</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>40000</value></transactionShares><transactionPricePerShare><value>7.44</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-12-19</value></exerciseDate><expirationDate><value>2013-12-19</value></expirationDate><underlyingSecurity><underlying
SecurityTitle><value>Employee Stock Option (right to buy)</value></underlyingSecurityTitle><underlyingSecurityShares><value>40000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>165000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><ownerSignature><signatureName>Tesfaye Hailemichael</signatureName><signatureDate>2003-12-23</signatureDate></ownerSignature></ownershipDocument>



</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----