Issue of Equity and Notice of Interim Results

19 May 2016

AFC Energy PLC

("AFC Energy" or the "Company")

Issue of Equity and Notice of Interim Results

AFC Energy (AIM: AFC), the industrial fuel cell power company, announces that application has been made for the issue of 720,000 ordinary shares of 0.1 pence each ("Ordinary Shares") to be admitted to trading on AIM pursuant to an exercise of options by a former employee of the Company.

The 720,000 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 25 May 2016 ("Admission").

Following Admission, the total issued share capital of the Company consists of 309,063,943 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 309,063,943. 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.

The Company also announces that it expects to release its interim results for the six months ended 30 April 2016 during the week commencing 30 May 2016.

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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