Exercise of Options

July 27, 2012

AFC Energy PLC

("AFC Energy" or the "Company")

Exercise of Options

AFC Energy (AIM: AFC) announces that application has been made for 250,000 new ordinary shares of 0.1 pence each in AFC to be admitted to trading on AIM pursuant to the exercise of options under the Company's EMI Share Option Scheme (the "Option Exercise"). The options have an exercise price of 3.13 pence per share.

The 250,000 new ordinary shares issued pursuant to the Option Exercise will rank pari passu with the Company's existing ordinary shares and admission to trading on AIM is expected to take place on 2nd August 2012 ("Admission").

The total enlarged issued share capital of the Company following Admission will be 184,703,762 ordinary shares of 0.1 pence each. 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 share capital of the Company under the Disclosure and Transparency Rules of the UK Financial Services Authority.

Ends

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About AFC Energy

Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using modern materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.