31 January 2022

AFC Energy PLC

("AFC Energy" or the "Company") 

Block listing application

AFC Energy Plc (AIM: AFC), the industrial fuel cell power company, announces that an application has been made to the London Stock Exchange to increase its block listing of securities by 1,500,000 ordinary shares of 0.1 pence each (the 'New Ordinary Shares').

The New Ordinary Shares will be issued from time to time in order to satisfy certain employee share options which may be exercised. It is expected that admission will become effective on 4 February 2022.

The addition to the block listing consists of 1,500,000 ordinary shares in respect of employee options granted in June 2021, exercisable at 61.7 pence per share.

For the avoidance of doubt this application is not application to list the share options themselves on any regulated market but merely an administrative measure to ensure that the Company does not need to make multiple applications for admission of ordinary shares to trading on each separate occasion when the existing employee share options are exercised by holders. The options remain in uncertificated form and there are no changes to the terms and conditions of the options.

Following the Block Admission, the Company's issued share capital will remain unchanged at 734,484,668 ordinary shares. The Company will make six-monthly announcements of the utilisation of the Block Admission, in line with its obligations under AIM Rule 29. The Company will also update the market with the total voting rights at the end of the month in which an option exercise has occurred.

When issued, the New Ordinary Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 0.1 pence each in the capital of the Company ('Ordinary Shares').

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About AFC Energy plc

AFC Energy plc is a leading provider of Hydrogen fuel cell power systems to generate clean energy in support of the global energy transition.

Based in the UK, the Company's scalable systems provide off-grid, zero emission power that are already being deployed for rapid electric vehicle charging and the replacement of diesel generators for temporary power applications.   

AFC Energy is also working with global partners in the deployment of products for the Maritime, Ports, Data Centres and Rail industries, emphasising the central role of its technology in the decarbonisation of global industry.