Grant of EMI Options

22 April 2020

AFC Energy PLC

("AFC Energy" or the "Company")

Grant of EMI Options

AFC Energy (AIM: AFC), the industrial fuel cell power company, announces that it has today agreed to grant options over 2,135,000 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") (the "Options"). These options have been granted to participating employees under the rules of the AFC Energy plc Enterprise Management Incentive Share Option Scheme (the "EMI Scheme"). No director has been granted options.

The purpose of the EMI Scheme is to attract, recruit and retain staff and align them with stakeholders' objectives and the grant includes options that are conditional upon meeting certain commercial targets. The Options are exercisable at a price of 15.4 pence per share and will vest between the date of grant and 20th April 2023 and expire on 20th April 2030.

In the current financial year, 416,667 pre-existing options have lapsed and therefore, following the issue of these Options, there will be options over a total of 15,730,001 Ordinary Shares representing 3.3 per cent of the current issued share capital of the Company.

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About AFC Energy

AFC Energy plc is commercialising a scalable alkaline fuel cell system, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now being deployed in electric vehicle chargers, off-grid decentralised power systems and industrial gas plants as part of a portfolio approach to the decarbonisation of local electricity needs.