AFC Energy Regulatory News (AFC)

2 Jul 2009 10:43



AFC Energy PLC

('AFC Energy' or the 'Company')

Directorate Changes

AFC Energy, the low cost alkali fuel cell company, is pleased to announce the appointment of Dr Gene Lewis and David Marson as directors with effect from today.

Dr Gene Lewis (aged 34) joins the board as Technical Director. Gene joined the Company in November 2008 as Chief Technical Officer, having previously worked at Ceres Power where he was instrumental in the development of their solid oxide fuel cell technology. Gene's leadership skills and his background in fuel cell material science and engineering have significantly strengthened the technical team. Gene has overseen the AFC Energy's technical programme since February 2009. Gene has held no other directorships during the past five years.

David John Marson (aged 53) joins the board as Finance Director. David has been working with the Company since November 2008 as financial management consultant helping to improve its financial systems and business processes. He has an extensive track record in the financial and operational management of small and medium sized technology based businesses, having worked at AEA Technology plc where he held various senior roles as a divisional General Manager and as divisional Finance Director. In this period he was instrumental in the spin-out of a number of successful ventures, including Forensic Alliance Ltd, now a part of LGC Forensics, and Synexus Ltd, the clinical trials patient recruitment organisation. He also held a number of Non-Executive Directorships, including Benitec Ltd, a bio-technology start-up company now listed on ASX. Since 2006 he has provided finance director and other financial management services to listed and unlisted companies in various high technology sectors. David is currently a director of Hudson Raine Limited and during the past five years he was a director of AEAT Pension Trustees Limited.

Gene Lewis has 1,000,000 options over AFC Energy shares granted in April 2009 under the rules of the AFC Energy Plc Enterprise Management Incentive Share Option Scheme. The options are exercisable at a price of 3.13 pence and are exercisable between 3 and 10 years following the date of issue. David Marson has a warrant issued in April 2009 over 500,000 ordinary 0.1 pence shares in AFC Energy. The warrant is exercisable at a price of 3.13 pence between 3 and 10 years following the date of issue.

David succeeds Simon Walters as Finance Director. Simon has been providing his services as Finance Director to the Company since February 2007 through FD Solutions, where he is Managing Director.

Simon Walters said, "I am delighted to have been associated with the flotation and development of AFC Energy through to the point where it has achieved a successfully live demonstration of its fuel cell system in a chlor alkali plant. Having reached this point, I am pleased to hand over to David Marson, and wish him and the Company every success with its commercialisation."

Simon has an interest over 45,455 shares in the Company.

Harry Epstein will also step down from the Board with effect from today. Harry has served the Company as a non-executive director since February 2007. Harry will continue to provide advice to the Company on supply chain matters and commercial opportunities.

Harry has an interest over 7,000,000 shares in the Company.

Tim Yeo, Chairman, commenting on the appointments said, "On behalf of the board, I am delighted to welcome both Gene and David to the board. These are both carefully planned appointments designed to strengthen the board. Gene has overseen the Company's technical programme since February and he has implemented significant improvements in both the technical capability of the company and the performance of its fuel cell technology. David has been overseeing and leading improvements to Company's financial and business processes and is delivering significant efficiencies. I thank Simon for his considerable contributions to the Company over the past two years through the IPO and its development phase and during the handover to David. I would also like to thank Harry for his considerable support and in particular for the supply chain and commercial opportunities he has brought to the Company's attention."

There are no further disclosures required in accordance with paragraph (g) of Schedule 2 of the AIM Rules for Companies.

For further information please visit www.afcenergy.com or contact: