Directorate Change

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

16 December 2024

AFC Energy PLC

("AFC Energy" or the "Company")

Directorate Change

AFC Energy (AIM:AFC), a leading provider of hydrogen power generation technologies, announces that Peter Dixon-Clarke has informed the Board of his decision to resign as Chief Financial Officer ("CFO") and Executive Director of the Company to pursue other interests.  He will step down from both positions immediately but will continue as an employee of the Company until 31 December 2024 to ensure a smooth transition for the business. 

We are pleased to announce that Karl Bostock will replace Peter as CFO and Executive Director of the Company, effective 20 January 2025. Karl brings over 15 years of experience as a CFO in manufacturing, having previously held positions at Bulgin Limited and Coveris UK. At Bulgin, Karl worked with John Wilson who, as previously announced, will join as AFC Energy's CEO on 6 January 2025. As well as significant finance experience, Karl has expertise in business partnerships in private equity-owned environments.

Gary Bullard, Chairman and CEO, said:

"On behalf of the Board, I would like to thank Peter for the contribution he has made to AFC Energy in his time as CFO. He has built a strong team and we wish him well for the future. We are pleased to have secured Karl as his replacement. Karl has a proven track record of working with John to increase shareholder value and are pleased to be able to reunite a winning team to work for AFC Energy at an exciting time for the Company."

Peter Dixon-Clarke, outgoing Chief Financial Officer, said:

"I would like to thank the Board and the senior management team for their support in my time as CFO.  I have every confidence in the future success of the business and I wish the team the very best for the future."

Karl Bostock, incoming Chief Financial Officer, said:

"I am delighted to be joining AFC Energy at such an exciting time in the Company's evolution. I look forward to working with the talented team at AFC Energy to build on its strong foundations and to help drive the Company's growth as we commercialise the technologies of AFC Energy and Hyamtec and expand the Company's global footprint."

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:

Karl Robert Bostock (aged 47)

Karl Bostock does not hold any ordinary shares nor options over ordinary shares in the Company.

Appendix 1 to this RNS sets out a list of entities involved in a restructuring process which resulted in such entities going through either Members' Voluntary Liquidation or Voluntary Strike Off and which Karl Bostock was previously a director of. Such entities had no outstanding charges and no external creditors at the date of liquidation.

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 Karl Bostock.

For further information, please contact:

About AFC Energy

AFC Energy plc is a leading innovator in hydrogen-based power and ammonia cracking solutions, delivering clean energy for on-grid and off-grid applications. The Company's hydrogen fuel cell technology provides a sustainable alternative to diesel power generation, supporting electric vehicle charging, decentralised power systems for construction, and temporary power needs. AFC Energy is also exploring new opportunities across maritime, data centres, and rail, driving the decarbonisation of growing electrification demands.

The Company's subsidiary, Hyamtec, is commercialising proprietary ammonia cracking technology to unlock new opportunities in distributed hydrogen production. This includes hydrogen refuelling, natural gas displacement for industrial processes, and hydrogen combustion engine conversions. Hyamtec's solutions are designed to meet the decarbonisation needs of industries such as mining, cement, asphalt, power generation, and heavy engineering, supporting the global transition to clean energy.

Appendix 1