Scale back of Applications

AFC Energy plc

 ("AFC Energy" or the "Company")

Scale back of Applications

AFC Energy (AIM: AFC), the industrial fuel cell power company, confirms as regards the Shareholder Offer the valid applications from Qualifying Shareholders, which totalled 21,348,417 shares, will be pro-rated on the basis of total applications received. Subscribers will therefore receive approximately 26.38% of the number of shares applied for.

For further information, please contact:

AFC Energy plc

Adam Bond (Chief Executive Officer)

+44 (0) 20 3697 1209

Zeus Capital Limited - Nominated Adviser and Joint Broker

Phil Walker, Nicholas How

Alex Davies, John Goold

+44 (0)20 3829 5000

M C Peat & Co LLP - Joint Broker

Charlie Peat

+44 (0) 20 7104 2334

Lionsgate Communications - Public Relations

Jonathan Charles, Rachel Rigby

+44 (0) 20 3697 1209

About AFC Energy

AFC Energy plc is fast approaching commercialisation for its proven low-cost alkaline fuel cell system ("KORE"), which converts hydrogen into 'clean' electricity. AFC's key project POWER-UP will demonstrate the world's largest alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The date for the demonstration of the 240kW KORE system has been fast tracked to January 2016, representing the final phase of AFC's pre-commercialisation technical development programme and creating the platform for the Company's global commercial fuel cell deployment. For further information, please visit our website: www.afcenergy.com