Technology Update

6 September 2023

Hydrogen Future Industries plc

("HFI" or the "Company")

Technology Update

Hydrogen Future Industries plc (AQSE: HFI), a developer of a proprietary wind-based green hydrogen production system, is pleased to provide the following update on its testing and development activities, including initial data which is supportive of wind tunnel results from earlier prototypes.

Wind Turbine

HFI has completed the construction and installation of its latest, upgraded 1 metre diameter wind turbine prototype in Montana, USA, with testing and data gathering now underway.

The current turbine is the 3rd version of the design since the Company acquired a suite of relevant patents, as announced on 5 October 2022. The upgraded wind turbine will be used to measure the energy output over an extended period before work commences on a larger diameter commercial scale wind turbine. As announced on 24 May 2023, 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. Initial data from the limited testing to date is supportive of wind tunnel results from earlier prototypes. The Board believes that the data is supportive of the system's capacity to produce low-cost renewable energy and therefore affordable green hydrogen.

Electrolyser

As announced on 24 May 2023, concept testing of an electrolyser for the hydrogen production system continues in California where HFI's advisory board member and quantum-physicist Dr Nicholas Blake is based. The objective of the testing is to build an Anion Exchange Membrane Water Electrolyser (AEMWE) without platinum group metal catalysts but with cheaper and more readily available materials that improves power efficiency and longevity.

Dr Blake has now completed the build of two complete electrolyser test cells. The series of tests undertaken achieved an exceptional efficiency of up to 97%. Further test results are expected in the coming weeks. To date, HFI has tested 30 different electrodes, including the current catalysts to demonstrate the efficiency gains from the Company's design. Following the completion of the initial test phase, the Company will lodge various patent applications before proceeding with further development.

Timothy Blake, CEO of HFI Energy Systems, commented:

"We are delighted with the progress of prototype testing in Montana with limited initial data corroborating wind tunnel results. Historical wind tunnel data demonstrated a 357% increase in energy generation compared to open rotor wind turbines of the same diameter. This would put us on course to meet our goal of producing green hydrogen for under $2 per kilogram.

"The performance improvement of the HFI wind turbine over existing ones is potentially game changing.

"Alongside the wind turbine test work, Dr Nicholas Blake is making excellent progress on the concept testing of a critical component of the hydrogen production system: a novel electrolyser that aims to improve power efficiency and longevity while achieving a significant cost reduction. The efficiency recorded from initial testing has been impressive and we look forward to developing  and optimising this exciting IP."

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]

Inside Information

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and 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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