Appointment of John Wilson as CEO of AFC Energy

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5 September 2024

AFC Energy PLC

("AFC Energy" or the "Company")

Appointment of John Wilson as CEO of AFC Energy plc

AFC Energy plc is pleased to announce the appointment of John Wilson as the new Chief Executive Officer, effective 6^th January 2025, succeeding Adam Bond, whose decision to step down was previously announced. John brings a wealth of experience in leading technology-driven businesses through significant growth and transformation, making him exceptionally well-suited to guide AFC Energy as it enters a new phase of its development and commercial scale up.

John will join AFC Energy from Bulgin Ltd, a private equity-backed connectivity solutions developer, where he has held the position of CEO since leading a successful management buyout in 2019. Prior to this, John was CEO of Elektron Technology Plc for nearly a decade, where he significantly enhanced shareholder value through strategic growth initiatives and the commercialisation of complex technologies. His early career was spent in engineering and technology consulting roles, where he specialised in bringing complex and emerging technologies to market in both the UK and North America.

John's appointment comes at a pivotal time for AFC Energy as we embark on our next chapter of growth, capitalising on Adam's work to date, focusing on scaling up our manufacturing capabilities and developing the value in our ammonia cracker technology. His proven track record in driving strategic initiatives and delivering shareholder value will be instrumental in steering AFC Energy towards continued success.

To ensure a smooth transition, Gary Bullard, Chairman of AFC Energy, will take on the role of CEO on an interim basis, effective immediately, to support the transition until John assumes his position on 6^th January 2025. Adam Bond has resigned as a director of the Company with effect 5^th September 2024, but shall remain available to support the transition.

Quote from John Wilson:

"I am honoured to be joining AFC Energy at such an exciting time in the company's evolution. The opportunity to lead a company that is at the forefront of clean energy innovation is truly compelling. I look forward to working with the talented team at AFC Energy to build on the strong foundation laid by Adam Bond and to drive the company's growth as we commercialise our technologies and expand our global footprint."

Quote from Gary Bullard, Chairman and CEO:

"We are delighted to welcome John Wilson as our new CEO. His extensive experience in leading technology companies through growth and transformation phases makes him the ideal candidate to take AFC Energy forward. We have every confidence that under his leadership, AFC Energy will continue to make significant strides in the clean energy sector, particularly as we advance our manufacturing and ammonia cracker initiatives. In the interim, I will be stepping in as CEO to ensure an effective transition and continued progress on our strategic goals."

Regulatory

The following information is disclosed under Rule 17 of the AIM Rules for Companies ("AIM Rules") and Schedule Two Paragraph (g) of the AIM Rules:

John Frederick Wilson (aged 48)

John Wilson does not hold any ordinary shares nor options over ordinary shares in the Company.

There is no further information which is required to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies in respect of John Wilson.

For further information, please contact:

About AFC Energy

AFC Energy plc is a leading provider of hydrogen energy solutions, to provide clean electricity for on and off grid power applications. The Company's fuel cell technology is now deployable as electric vehicle chargers, off-grid decentralised power systems for construction and temporary power with emerging opportunities across maritime, data centres and rail as part of a portfolio approach to the decarbonisation of society's growing electrification needs. The Company's proprietary ammonia cracking technology further highlights emerging opportunities across the distributed hydrogen production market with a focus on hydrogen's role in supporting industries facing challenges in decarbonisation, such as mining, cement and heavy engineering.