Issue of Equity

18 April 2016

AFC Energy PLC

("AFC Energy" or the "Company")

Issue of Equity

AFC Energy (AIM: AFC), the industrial fuel cell power company, announces that application has been made for the issue of 190,000 ordinary shares of 0.1 pence each ("Ordinary Shares") to be admitted to trading on AIM pursuant to pre-existing consultancy agreements entered into by the Company.

The 190,000 new Ordinary Shares will rank pari passu with the Company's existing ordinary share capital and admission to trading on AIM is expected to take place on 22 March 2016 ("Admission").

Following Admission, the total issued share capital of the Company consists of 308,343,943 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 308,343,943. This figure may be used by shareholders as the denominator by which they can 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 and Transparency Rules.

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About AFC Energy

AFC Energy plc has developed and successfully operated an alkaline fuel cell system ("KORE"), which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany in January 2016. The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system. For further information, please visit our website: www.afcenergy.com