AFC Energy Regulatory News (AFC)

8 June 2020

AFC Energy PLC

("AFC Energy" or the "Company")

Exercise of Options

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, announces that, pursuant to an exercise of options under the AFC Share Option Scheme, the Company has issued 40,000 ordinary shares of 0.1 pence each at an exercise price of 15.4 pence each (the "Option Shares") .

The Option Shares will rank pari passu with the Company's existing ordinary share capital and application has been made for the Option Shares to be admitted to trading on AIM, a market operated by the London Stock Exchange. Admission is expected to commence at 8.00 a.m. on or around 11 June 2020 ("Admission").

Following Admission, the Company's total issued share capital will consist of 477,989,644 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 477,989,644. 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 Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

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About AFC Energy

AFC Energy plc is commercialising a scalable alkaline fuel cell system, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now being deployed in electric vehicle chargers, off-grid decentralised power systems and industrial gas plants as part of a portfolio approach to the decarbonisation of local electricity needs.