IT IS lightweight, powered by hydrogen, does the equivalent of 300 miles to the gallon, can do 50mph and will travel 240 miles before it needs filling up.

The two-seater Riversimple Urban car, which was developed with the help of engineers at Oxford University, was shown off in London yesterday, and could be in production by 2013.

Before that, the project leaders plan to raise funds to build 10 prototypes and try out vehicles in UK cities.

The car has been developed over the last three years in a co-operative research programme involving the River Simple development team founded by engineer Hugo Spowers, and Oxford University, Cranfield University and Horizon Fuel Cell Technologies.

The car does the petrol equivalent of 300 miles to the gallon and will be leased to users rather than sold, with owners getting a maintenance, support and fuel package.

Sebastian Piech, the great-grandson of car pioneer Ferdinand Porsche, who is backing the idea, said: “The Riversimple Urban Car represents a major step towards practical 21st century personal transport.”