AFC Energy Regulatory News (AFC)

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

8 June 2017

AFC Energy PLC

("AFC Energy" or the "Company")

Directorate Changes

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that it has strengthened its Board of Directors as the Company continues progress towards commercialisation. John Rennocks has been appointed to the Board of AFC Energy as Non-Executive Chairman, while Richard Tuffill has been appointed to the Board as Chief Financial Officer and Lisa Jordan has joined the Board as a Non-Executive Director.

John Rennocks brings a wealth of public markets and energy market experience to the Board of AFC Energy. With numerous senior board appointments including as Senior Non-Executive Director or Chairman at Inmarsat plc, Babcock International Group plc, Diploma plc, Intelligent Energy and currently Bluefield Solar Income Fund Ltd, and Utilico Emerging Markets Ltd. John has broad experience in conventional and renewable electricity generation and biotechnology, support services and manufacturing, having previously served as Finance Director of three FTSE100 companies, Smith and Nephew plc, PowerGen plc and British Steel / Corus plc. He is also a Fellow of the Institute of Chartered Accountants of England and Wales.

Richard Tuffill has been a key part of AFC Energy's management team since December 2016 and his appointment to the Board of Directors reflects the further strengthening of the Company's executive team as the Company enters its commercialisation phase. Richard has over 13 years' experience in senior management within the energy sector, including several years as CFO of Horizon Nuclear Power, a UK energy company developing a new generation of nuclear power stations. Richard has also previously held senior management positions within the finance functions at RWE nPower and Innogy.

Lisa Jordan is a representative of Ervington Investments Limited ("Ervington"), which originally invested in the Company in 2012 and has supported it since then. Ervington has a right to appoint two non-executive directors to the Board of the Company for such time as it holds over 10 per cent. of the issued share capital of the Company. Lisa is currently Business Development Director at MHC (Services) Limited responsible for managing a portfolio of energy related investments. Lisa was previously a director of Air Products Renewable Energy Limited (part of Air Products and Chemicals Inc), an industrial gases business providing atmospheric and process gases where she led its European energy from waste business.

Tim Yeo will remain on the Board of AFC Energy as a Non-Executive Director.

Eugene Shvidler, who has been a non-executive director and a representative of Ervington on the Board since 2013, has decided to step down from the Board with immediate effect.

Adam Bond, Chief Executive Officer of the Company, commented: "I am delighted to welcome three new highly experienced and well respected directors to the Board of AFC Energy at this crucial time. John's extensive experience of growing large publicly listed power businesses is invaluable to us as we approach a transformative period in the Company's history and we are delighted that he has chosen to join our Board. Richard Tuffill, with an extensive background in the power and energy sectors is a fantastic recruit to the management team at AFC Energy. Lisa, with a strong background in the industrial gases subsector and with experience of investing in the alternative energy space, will assist greatly with the oversight and governance of the Company.

Tim Yeo, who has served as our Chairman for over a decade, has provided invaluable expertise, insight and guidance throughout that period in this important role. I would like to express my utmost gratitude to Tim for his assistance and advice since my joining AFC Energy as a Non-Executive Director and subsequently Chief Executive, and on behalf of the entire Board and team at AFC Energy, thank him for his contribution as Chairman and we look forward to working with Tim as a Non-Executive Director.

I would also like to thank Eugene Shvidler for his great work in assisting the Company since he first joined our team in 2012. Eugene has been over the past four years, and continues to be a great supporter of AFC Energy and we wish him all the best in his future endeavours."

Pursuant to Schedule 2 (g) of the AIM Rules for Companies the following is disclosed in relation to Lisa Jane Jordan (age 41):

Past Directorships and Partnerships held in the previous five years:

Air Products Renewable Energy Limited

Beautiful Trash Limited

Urban Squirrel Limited

Previous names:

Lisa Jane Gough

Lisa does not currently hold any shares in, or options over shares in, the capital of the Company. She has been appointed as a representative of Ervington Investments Limited which currently holds approximately 10.1 per cent. of the issued share capital of the Company.

Pursuant to Schedule 2 (g) of the AIM Rules for Companies the following is disclosed in relation to Richard James Tuffill (age 46):

Past Directorships and Partnerships held in the previous five years:

National Skills Academy for Nuclear Limited

Richard does not currently hold any shares in, or options over shares in, the capital of the Company.

Pursuant to Schedule 2 (g) of the AIM Rules for Companies the following is disclosed in relation to John Leonard Rennocks (age 71):

Current directorships:

Bluefield Solar Income Fund Ltd

Utilico Emerging Markets Limited

Past Directorships and Partnerships held in the previous five years:

Inmarsat plc

Diploma plc

Greenko Group plc

Intelligent Energy Holdings plc

JPMorgan Fleming Overseas Investment Trust plc

John was a director of Wagon plc until 29 August 2008. In December 2008 the Company entered administration.

John does not currently hold any shares in, or options over shares in, the capital of the Company.

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About AFC Energy

AFC Energy plc has developed and successfully operated an alkaline fuel cell system, which converts hydrogen into "clean" electricity. AFC Energy's first project, POWER-UP, demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany in January 2016. The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system. For further information, please visit our website: www.afcenergy.com