AFC Energy (AFC) Status Update summary

Leadership introductions and experience

• New CEO and CFO introduced, both with strong backgrounds in scaling and transforming technology and manufacturing businesses.

• CEO has experience in increasing shareholder value and sits on boards of other AIM-listed companies.

• CFO has led finance and operational improvements in high-growth manufacturing environments.

Strategic priorities and market focus

• Focus on leveraging relationships to prioritize verticals with lowest adoption barriers, especially construction.

• Speedy Hire joint venture is the top priority, aiming to displace diesel generators in UK construction.

• Hyamtek technology positioned as transformational for hydrogen infrastructure and supply.

• Early adopters and revenue-generating opportunities are the main commercial focus.

Commercialization and operational progress

• First run of generator sets built and sold into the Speedy JV; significant demand from end customers.

• Current manufacturing capacity is over five units per month, with plans to scale to 200 units per year by 2026.

• Ongoing partnerships and trials with Acciona and ABB validate technology performance.