Exercise of Options

19 June 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 application has been made for 500,000 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 Share Option Scheme at an exercise price of 20.75 pence per Ordinary Share.

The 500,000 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 25 June 2020 ("Admission").

Following Admission, the Company's total issued share capital will consist of 478,489,644 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 478,489,644. 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.