AFC Energy Regulatory News (AFC)

Reach announcement - non regulatory

27 September 2021: 7am

AFC Energy plc

("AFC" or the "Company")

Extreme E Mid-Season Update

AFC Energy (AIM: AFC), a leading provider of Hydrogen power generation technologies, is pleased to provide a mid-season update on the performance of its zero-emission Hydrogen power generator that has featured in the inaugural Extreme E all-electric SUV racing series in 2021.

Highlights

· AFC Energy's Hydrogen power generator has successfully featured as the primary power source in the charging of Extreme E's ODYSSEY-21 race vehicles in each of the first three races of the 2021 season.

· The three races to date in Saudi Arabia, Senegal and Greenland have all exhibited extreme weather conditions that have highlighted the fuel cell's robust operating performance across a range of environments.

· Green hydrogen has been successfully delivered through AFC Energy's engineered on-site fuelling system, incorporating micro electrolysers, multiple mobile solar arrays and hydrogen storage technology.

· Operating data from Extreme E deployments are currently supporting wider partner discussions and future system engineering iterations.

· Extreme E's platform provides a global reference point for sport and industries considering the switch to zero-emission Hydrogen power technology to displace the incumbent use of diesel generators.

· The systems are currently enroute to Extreme E's fourth race in Sardinia, Island X Prix, on 23-24 Oct 2021.

Extreme E and AFC Energy launched their partnership in 2020 with the vision of defining a zero emission, hydrogen fuelled power generator capable of charging the inaugural 2021 season's all-electric off road ODYSSEY-21 vehicles.

Three races into the 2021 season, this vision has become a successful reality.

The fuel cell system engineered and designed by AFC Energy in collaboration with Extreme E, has successfully featured in each of the first three races of the 2021 season, charging race vehicles successfully in Saudi Arabia, Senegal and Greenland without harmful greenhouse emissions.

Transported to each round via Extreme E's floating paddock, the St Helena, the fuel cell system has operated in a range of challenging climatic conditions reflective of the desert, arctic and high humidity environments featured in the race calendar to date. In addition, the fuel cell has traversed three continents following thousands of miles of sea and land based travel in its container housing further highlighting the robustness of the system to logistics and transportation challenges.

The on-site operation of the fuel cell has importantly provided AFC Energy with valuable operating data that is now being used to inform wider partner discussions as well as highlighting areas for future development. Most recently, the fuel cell and battery storage system successfully integrated with ENEL-X's first Extreme E deployment of 415V EV chargers in Greenland, reflecting the system's downstream charging flexibility.

System integration is a key market value proposition in the way AFC Energy collaborates with its partners, and in the case of Extreme E, the Company has not only shown capability in fuel cell generators, but also in bringing to fruition a unique onsite green hydrogen generator. Working with multiple technologies that include micro electrolysers, metal hydride storage and mobile solar arrays, AFC Energy has enabled Extreme E to be the world's first sporting event not only utilising zero emission power generators, but also generating its own green hydrogen on site for consumption over the race weekend.

Since its launch, Extreme E's global platform has focused on climate awareness through sustainable motorsport, and how humanity must act now if we are to mitigate the lasting negative effects of climate change. Extreme E however not only seeks to raise awareness, but aims to present solutions through the showcasing of cutting edge technologies available in the market today which, through widespread adoption, can go a long way in addressing the long term effect of climate change on our eco-system.

Operation of AFC Energy's genuinely sustainable clean energy system has been witnessed at each race location by representatives from industry and off-grid power users seeking to address the evolving transition from diesel fuelled power, thereby delivering on Extreme E's aspiration of mixing sport with purpose in order to inspire long term change.

AFC Energy's successful global deployment with Extreme E has shown that viable zero-emission alternatives to the diesel generator already exist for industry use ahead of the milestone COP26 climate conference in November.

Adam Bond, Chief Executive Officer at AFC Energy, said:

"This first of its kind deployment across the world of our Hydrogen power generator in such high pressure, high-profile extreme environments is an enormous tribute to all of our staff and partner organisations involved and shows what can be done today in moving the world to zero-emission technologies.

"Governments and industries alike are realising that without immediate investment in genuinely sustainable power technologies, there is little to no chance of us mitigating the change we are today witnessing in rising global temperatures and extreme weather events. AFC Energy's technology and capability is ready to play a key role in addressing climate change, the most pressing issue facing the world today."

Alejandro Agag, Founder and CEO of Extreme E said:

"Extreme E's collaboration with AFC Energy means that we are the first event organiser to have ever used Hydrogen fuel cell power generators for charging on site at race events. It's one thing to use battery powered cars but how do you charge them in a completely sustainable way - thanks to AFC Energy, we are doing just that.

"The technology has already proved to be game changer right from our first race event in Saudi Arabia in April. As our first location, this was incredibly challenging for everyone involved - not only were we positioned completely remotely within the desert of AlUla, no roads, no infrastructure at all - but it was very hot and there was so much dust which would affect any sensitive machinery.

"Since then, Extreme E has raced in Senegal and Greenland - you couldn't get more diverse and remote than those two places - from sand, heat and humidity on a beach in Lac Rose, to racing next to an Arctic ice cap in Kangerlussuaq. AFC Energy has managed these situations and kept our cars fully powered. We are setting the standard for clean fuel provision in any situation - there's no excuses left for industry to not be 'clean' now, we know it can be done, we've proved it."

-ENDS-

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About AFC Energy plc

AFC Energy plc is a leading provider of Hydrogen fuel cell power systems to generate clean energy in support of the global energy transition.

Based in the UK, the Company's scalable systems provide off-grid, zero emission power that are already being deployed for rapid electric vehicle charging and the replacement of diesel generators for temporary power applications.

AFC Energy is also working with global partners in the deployment of products for the Maritime, Ports, Data Centres and Rail industries, emphasising the central role of its technology in the decarbonisation of global industry.