AFC Energy PLC, a leading provider of hydrogen power generation technologies, has successfully closed the REX Retail Offer, raising gross proceeds of £2.0 million through the issue of 13,333,333 REX Retail Offer Shares at an issue price of 15 pence per new Ordinary Share. This brings the total gross proceeds from the Placing, REX Retail Offer, and Subscription to approximately £15.8 million.

The Firm Placing and the Subscription are conditional upon the Placing Agreement not being terminated and First Admission. The Conditional Placing and the REX Retail Offer are conditional upon the passing of the Resolutions required to implement them at the General Meeting proposed to be held at 11:00 a.m. on 28 June 2024.

The Circular, which provides further details of the Fundraising and includes a notice convening the General Meeting, is expected to be sent to Shareholders on 12 June 2024 and will also be available on the Company's website.

Conditional on the passing of the Fundraising Resolutions at the General Meeting, admission of the REX Retail Offer Shares and the Conditional Placing Shares to trading on AIM ("Second Admission") is expected to take place at 8.00 a.m. on 1 July 2024.

AFC Energy PLC's CEO, Adam Bond, and CFO, Peter Dixon-Clarke, can be contacted for further information. The Company's LEI is 213800SRJST19GNS9U35.

This announcement contains important notices regarding the restricted nature of the information and the jurisdictions in which it can be released, published, or distributed. It emphasizes that the announcement is for informational purposes only and does not constitute an offer of securities in any jurisdiction.

The Company and its affiliates have taken no action that would permit an offer of the REX Retail Offer Shares or possession or distribution of this announcement or any other offering or publicity material relating to such REX Retail Offer Shares in any jurisdiction where action for that purpose is required.