Related Party Transactions

12 Months Ended

Dec. 31, 2011

Related Party Transactions [Abstract]

Related Party Transactions

Note 13—Related Party Transactions

During the year ended December 31, 2009, the Company's Swiss subsidiary, Maxwell SA, made payments to a related party, Metar Machines ("Metar"), for commissions on certain product sales. Until March 22, 2009, Montena SA ("Montena") was the majority shareholder of Metar, and a member of the Company's board of directors, José Cortes, is also a director of Montena. Mr. Cortes is also a minority shareholder of Genturica Ltd., which is the majority shareholder of Montena. As of March 22, 2009, Montena had sold its interest in Metar and as of May 14, 2009, the Company terminated its agreement with Metar, Therefore, Metar is no longer a related party. Total expense recognized for this sales commission during the year ended December 31, 2009 was $128,000, which is classified as selling, general and administrative expense in the accompanying consolidated statements of operations.

Maxwell SA's pension plan provided a long term loan of 700,000 Swiss Francs to Montena Properties SA, which is 100% owned by Montena. As stated earlier, a member of the Company's board of directors, José Cortes, is also a director and indirect minority stockholder of Montena. The loan was provided to Montena Properties SA prior to Mr. Cortes becoming a director of Maxwell and Montena. The loan was repaid in full in March 2011.