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23 July 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 Adam Bond advised the Board on 22 July 2024 of his decision to step down from his role as CEO in order to return to Australia and his family after 10 years in the UK with the Company.

Adam is committed to supporting an orderly transition over the coming months, and the Company will immediately commission an external search firm to identify a successor with proven capability of scaling-up similar businesses.

During this transitionary period, AFC Energy will continue to benefit from Adam's experience and contacts in the industry  to support the appointment of a successor. In addition, Gary Bullard, the current non-Executive Chairman, will take on the role of Executive Chairman until a successor CEO is in place.

Gary has nearly 20 years' experience on the boards of successful UK-based industrial technology companies, including Chloride plc, Rotork plc, Spirent plc and Gooch & Housego plc.

Adam Bond, Chief Executive Officer, said:

"I am pleased to have been part of an incredibly exciting journey with AFC Energy but feel that this is an appropriate time for me to hand over, as the Company now looks to scale-up manufacturing and deployment of our generators and exploit the opportunities offered by our world-leading ammonia cracker technology."

Gary Bullard, Executive Chairman, said:

"10 years ago the Board asked Adam to move from his non-executive role, relocate to the UK and take on the CEO position. He has served as a great ambassador in furthering the vision of hydrogen as the way forward to a net zero economy, and in ensuring that AFC Energy, and the UK, will play a leading role in this. With Adam's continued support, we look forward to making a smooth transition, thank Adam for his service to the Company and wish him well for the future."

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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.