AFC Energy : Exercise of Warrants and Issue of Equity

23 May 2018

AFC Energy PLC

('AFC Energy' or the 'Company')

Exercise of Warrants and Issue of Equity

AFC Energy (AIM: AFC), the industrial fuel cell power company, announces that application has been made for the issue of 400,000 ordinary shares of 0.1 pence each ('Ordinary Shares') pursuant to an exercise of warrants under the AFC Energy Deed of Warrant 2009 at an exercise price of 3.13 pence per share.

The 400,000 new Ordinary Shares will rank pari passuwith the Company's existing ordinary share capital and application has been made to the London Stock Exchange for the Ordinary Shares to be admitted to trading which is expected to commence at 8.00 a.m. on 24 May 2018 ('Admission').

Following Admission, the total issued share capital of the Company consists of 391,698,205 Ordinary Shares, none of which are held in treasury. Accordingly, following Admission, the total number of voting rights in the Company will be 391,698,205. 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 Guidance and Transparency Rules.

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About AFC Energy

AFC Energy plc has developed and successfully demonstrated an alkaline fuel cell system, which converts hydrogen into 'clean' electricity. AFC Energy's project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. 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