Receipt of funds following placing

4 July 2011Embargoed until 07:00

AFC Energy plc

("AFC Energy" or the "Company")

RECEIPT OF FUNDS FOLLOWING PLACING

AFC Energy plc (AIM:AFC), a leading developer of low-cost alkaline fuel systems, is pleased to confirm that following its recent placing, originally announced on 27 May 2011, funds have been received from all parties concerned. New ordinary shares totaling 9,999,555 have been allotted and dealings will commence at 8.00am today, 4 July 2011.

The total enlarged issued share capital of the Company following Admission will be 183,338,762 ordinary shares of 0.1 of one penny each in the capital of the Company. The above 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..

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About AFC Energy 

AFC Energy is a world leading developer of low-cost alkaline fuel cells that use hydrogen to produce clean electricity. AFC Energy's technology is focused on large-scale industrial applications and the objective of producing the lowest possible unit cost electricity. AFC Energy's alkaline fuel cell has the capability to reduce carbon emissions significantly for businesses of all shapes and sizes. The technology is an efficient method of converting hydrogen into electricity and by-products, such as low grade heat and water, further increase energy efficiency and commercial value. 

Please visit our website for further information, www.afcenergy.com.