AFC Energy Regulatory News (AFC)

20 January 2016

AFC Energy PLC ("AFC Energy" or "the Company")

Correction: Result of Shareholder Offer

The Company's announcement of 18 January 2016 (RNS Number: 1083M) stated that it had received valid applications from Qualifying Shareholders for 20,503,271 shares (representing £4,100,654.20 at the Issue Price) and was therefore 3.6 times oversubscribed. This should have stated that it had received valid applications from Qualifying Shareholders for 21,348,417 shares (representing £4,269,683.40 at the Issue Price) and was therefore 3.8 times oversubscribed.

All other details contained in the announcement remain unchanged.

The full amended announcement is shown below.

AFC Energy PLC ("AFC Energy" or "the Company")

Result of Shareholder Offer

On 17 December 2015, AFC Energy plc (AIM: AFC), the industrial fuel cell power company, announced that it had raised by way of the Subscription £2.47 million and that it was making the Offer to raise up to £1.13 million.

The Offer closed for applications at 11.00 a.m. on 15 January 2016 and the Company is pleased to announce that it has received valid applications from Qualifying Shareholders for 21,348,417 shares (representing £4,269,683.40 at the Issue Price) and was therefore 3.8 times oversubscribed.

Accordingly, after scaling back, the maximum number of 5,631,551 New Ordinary Shares will be issued to Qualifying Shareholders resulting in the Company raising £1.13 million before expenses, from the Offer, in addition to the £2.47 million raised from the Subscription, being an aggregate of £3.6m million before expenses.

Application has been made for the admission of the 5,631,551 Offer Shares to trade on AIM and it is expected that this will occur on 21 January 2016. The 5,631,551 Offer Shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.

Capitalised terms in this announcement have the meanings given to them in the circular dated 23 December 2015.

Mr Adam Bond, AFC's Chief Executive Officer, said: "This is a fantastic result for the Company and demonstrates the ongoing strong support we have from our loyal shareholder base who continue to believe in the opportunities for future success following the strides made by the Company in 2015. With the offer 3.8 times oversubscribed, I would like to thank our shareholders for such a positive response in the current challenging market conditions and for their continued support."

Total Voting Rights

Subsequent to the issuance of these Offer Shares, the Company will have 307,903,943 Ordinary Shares in issue. The Company does not hold any shares in treasury. Accordingly, following admission of the Offer Shares, the total number of Ordinary Shares and voting rights in the Company is 307,903,943. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules of the UK Financial Conduct Authority.

For further information, please contact:

AFC Energy plc

Adam Bond (Chief Executive Officer)

+44 (0) 20 3697 1209

Zeus Capital Limited - Nominated Adviser and Joint Broker

Phil Walker, Nicholas How

Alex Davies, John Goold

+44 (0)20 3829 5000

M C Peat & Co LLP - Joint Broker

Charlie Peat

+44 (0) 20 7104 2334

Lionsgate Communications - Public Relations

Jonathan Charles, Rachel Rigby

+44 (0) 20 3697 1209

About AFC Energy

AFC Energy plc is fast approaching commercialisation for its proven low-cost alkaline fuel cell system ("KORE"), which converts hydrogen into 'clean' electricity. AFC's key project POWER-UP will demonstrate the world's largest alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The date for the demonstration of the 240kW KORE system has been fast tracked to December 2015, representing the final phase of AFC's pre-commercialisation technical development programme and creating the platform for the Company's global commercial fuel cell deployment. For further information, please visit our website: www.afcenergy.com