ABB E-mobility Follow On Investment

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to confirm that following the successful validation of the Company's first high power density liquid cooled fuel cell announced earlier today, ABB E-mobility has elected to make a follow on equity investment of £2m into AFC Energy.

ABB E-mobility's investment into AFC Energy will be made by way of a subscription to raise £2.0 million (the "ABB E-mobility Subscription") through the issue of 10,000,000 new Ordinary Shares at 20 pence each, being the closing market price per Ordinary Share on 28 March 2023, the latest practicable date prior to the publication of this Announcement. 

Post completion of the ABB E-mobility Subscription, total payments received from ABB E-mobility pursuant to the Agreement will total £4m and ABB E-mobility will hold 15,038,760 shares, or 2.02 per cent. of the Company's enlarged issued share capital.

The net proceeds will further support AFC Energy's continued development and delivery of its S+ Series fuel cell system.

The 10,000,000 new Ordinary Shares will rank pari passu with the Company's existing ordinary share capital and application will be 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 5 April 2023 ("Admission").

Following Admission, the Company's total issued share capital will consist of 745,351,171 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 745,351,171. 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.