AFC Energy Regulatory News (AFC)

2 December 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, under the AFC Share Option Scheme, employees have exercised options over 90,000 new ordinary shares of 0.1 pence each in the share capital of the Company ("Ordinary Shares") at an exercise price of 15.4 pence per Ordinary Share.

The 90,000 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 8 December 2020 ("Admission").

Following Admission, the Company's total issued share capital will consist of 676,151,310 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 676,151,310. 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.