Technology Update, Board Changes & Establishment of Advisory Board

24 May 2023

Hydrogen Future Industries plc

("HFI" or the "Company")

Technology Update,

Board Changes

&

 Establishment of Advisory Board

Hydrogen Future Industries plc (AQSE: HFI), a developer of a proprietary wind-based green hydrogen production system, is pleased to provide an update on the complementary components of the system under development, alongside other corporate updates.

Technology Update

As announced on 28 April 2023, HFI expects to shortly commence a third and final testing phase of an upgraded version of the 1 metre diameter wind turbine. The upgraded wind turbine will be used to measure the energy output over an 8 to 12 week period before work commences on a larger diameter commercial wind turbine. The data gained from the performance of the wind turbine will be compared to the wind tunnel results and used in the design of the larger diameter wind turbines.

HFI has established a facility in Birmingham, UK, where work is ongoing to incorporate the variable hydraulic drive and/or electro-magnetic clutch, which are part of the patents acquired and announced on 5 October 2022, to increase efficiency and lower the cost of energy production.

The concept testing of an electrolyser for the hydrogen production system is currently taking place in California, USA, led by quantum-physicist, Dr Nicholas Blake, a consultant to HFI and brother of Timothy Blake (Chief Executive Officer of HFI Energy Systems Limited, the Company's wholly owned development subsidiary and director of the Company's joint venture subsidiary, HFI IP Holdings Limited). The objective of the testing is to build an electrolyser with cheaper and more readily available materials that improves power efficiency and longevity.

Board Changes

Effective immediately, Daniel Maling, currently Non-Executive Chairman, will become Executive Chairman, taking on primary managerial responsibility for the Company. David Ormerod, currently Executive Director, will become a Non-Executive Director, allowing him to focus on other commitments while enabling the Company to continue to benefit from his significant energy industry expertise.

Advisory Board

The Company has formed a new hydrogen advisory board ("Advisory Board") to advise HFI's Board of Directors and review additional hydrogen-related technology opportunities. The Advisory Board will initially comprise Timothy Blake and Dr Nicholas Blake.

Dr Blake holds a Ph.D. in quantum electrodynamics and has more than 30 years' postdoctoral research experience in this field. Dr Blake spent five years developing hydrogen fuel cell technology for the US Government prior to the technology being sold to Toyota Group.

Daniel Maling, Executive Chairman of HFI, commented:

"HFI is making excellent development progress, now from facilities in both the USA and UK. We are delighted to welcome the accomplished Dr Nicholas Blake to the Advisory Board and look forward to benefitting from his expertise as we gear up for subsequent testing phases with a larger diameter commercial system. We believe our system can achieve a breakthrough in green hydrogen production economics and look forward to reporting further updates as the testing programme advances."

Enquiries:

Hydrogen Future Industries plc
Daniel Maling, Executive Chairman	[phone]
Vigo Consulting (Investor Relations)
Ben Simons	[phone]
Peter Jacob
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti Liam Murray	[phone]
Peterhouse Capital Limited (Broker)
Duncan Vasey	[phone]

The Directors of the Company accept responsibility for the contents of this announcement.

About Hydrogen Future Industries

Hydrogen Future Industries was established to invest in projects and companies focused on the Hydrogen Economy. We are developing a proprietary wind-based hydrogen production system, incorporating hydrogen compression and storage. Through this technology, we aim to significantly reduce the cost of hydrogen production from renewable sources and provide on-demand energy storage in the form of hydrogen at a fraction of the cost of lithium-ion battery storage. Click here for more information about Hydrogen Future Industries.

Visit our website: www.hydrogenfutureindustries.com

Follow us on social media:

LinkedIn: @Hydrogen Future Industries

Twitter: @HydrogenFI

Caution Regarding Forward Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

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