Joint Development Agreement

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.

4 June 2025

AFC Energy plc

("AFC Energy" or the "Company")

Joint Development Agreement with Leading Global Industrial Company

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, announces the signing of a Joint Development Agreement with a confidential leading global industrial S&P 500 company (the "Industrial Partner") (the "JDA").

Highlights:

· AFC Energy and a leading global industrial company sign JDA to develop a range of small to large scale highly efficient ammonia crackers for hydrogen production.

· Successful completion of JDA milestones expected to result in material AFC Energy revenues from 2027 onwards.

Under the JDA, the Company and the Industrial Partner will collaborate to develop a range of small to large scale highly efficient ammonia crackers for hydrogen production using AFC Energy's proprietary modular and efficient ammonia cracking technology. Development costs incurred by AFC Energy under the JDA will be reimbursed by the Industrial Partner, an established, publicly listed player with an aligned supply chain who brings strong financial capacity and a wealth of technical capability.

Upon successful completion of certain JDA milestones, it is envisaged that the commercial relationship between AFC Energy and the Industrial Partner will result in material AFC Energy revenues from 2027 onwards from our high value ammonia cracker systems for large scale industrial use, including, for example, port side hydrogen pipeline filling in Northen Europe.

John Wilson, CEO of AFC Energy plc, commented:

"This announcement serves to underpin our strategy to deliver commercial viability of the hydrogen economy without government subsidy and will provide a further suite of roadmap products, alongside our hydrogen fuel cell power generators, to accelerate us to that point. We are delighted to have signed the JDA with the Industrial Partner, whose commitment to AFC Energy's proprietary ammonia cracker technology provides important industry peer validation, as we further commercialise and develop AFC's offering. We look forward to developing our commercial relationship with the Industrial Partner and using our technology to help heavy industry to decarbonise its operations."

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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.