12 July 2022

AFC Energy Plc

("AFC Energy" or the "Company")

Grant of Share Options

AFC Energy (AIM: AFC) is pleased to announce that the following Directors and Persons Discharging Managerial Responsibility ("PDMRs") of the Company have been granted awards by way of nominal cost options ("Awards") under the Company's Performance Share Plan:

The Awards entitle the individual to acquire ordinary shares of £0.001 each in the Company ("Shares") up to the maximum number set out above, subject to the satisfaction of certain performance conditions and continued employment. The Awards will vest on 11^th July 2025, or as soon as practicable after this date.

The performance testing relating to the Awards will be split equally between an Absolute Total Shareholder Return ("TSR") performance condition and a Relative TSR condition.

Under the Absolute TSR condition, at the vesting date the Company's end TSR value as at the end of the three year performance period will be calculated and tested against a threshold of 40p per Share. Below this threshold this portion of the Award will be forfeited. At the threshold, 12.5% of the maximum Award will vest and this will increase linearly up to 50% vesting at an upper limit of 75p.

Under the Relative TSR condition, the Company's TSR as at the end of the Performance Period will be ranked against constituents of the FTSE AIM 100 Index. A ranking below a median threshold will mean this portion of the Award will be forfeited. At the threshold, 12.5% of the maximum Award will vest and this will increase linearly up to 50% vesting at upper quartile ranking.

The Remuneration Committee will assess the value of the award at vesting and will ensure that the final outcome reflects all relevant factors, including consideration of any windfall gains as a result of material increases in share price. In making their assessment the Committee will take into account appropriate advice, also giving due consideration to the impact on shareholders and to what extent the outcome incorporates any windfall share price gain, which warrants adjustment to the vesting conditions.

Set out below are the notifications made in accordance with Article 19 of the UK Market Abuse Regulation.

For further information, please contact:

Notification of Dealing Form: