AFC Energy Regulatory News (AFC)

22 January 2019

AFC Energy PLC

 ("AFC Energy" or the "Company")

 Exercise of Options and

Total Voting Rights

AFC Energy (AIM: AFC), a leading alkaline fuel cell power company, announces that application has been made for 300,000 new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") to be admitted to trading on AIM pursuant to an exercise of options under the AFC 2007 Share Option Scheme at an exercise price of 3.13 pence per Ordinary Share (the "Options").

The 300,000 new Ordinary Shares will rank pari passu with the Company's existing ordinary share capital and application has been made to the London Stock Exchange for the new Ordinary Shares to be admitted to trading which is expected to commence at 8.00 a.m. on or around 28 January 2019 ("Admission").

Following Admission, the Company's total issued share capital will consist of 391,998,205 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 391,998,205. 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 has developed and successfully demonstrated an alkaline fuel cell system, which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The Company is now building upon an already established pipeline of commercial opportunities and driving 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