Not to be bested by floods of new technology aimed at green car buyers and those who want the latest in engine technology, Toyota Motor Corp. (NYSE: TM) has launched a new car. Called the Mirai, the vehicle refuels in a remarkably fast five minutes and can travel 300 miles on a single charge. With falling gas prices and growing competition in both hybrid and electric vehicles, Toyota has a challenge to stand out among the crowd.

Toyota management announced:

In its basic operation, a fuel cell vehicle works much like a battery electric vehicle. But instead of the large drive battery, Mirai’s fuel cell stack combines hydrogen gas from tanks with oxygen to produce electricity that powers the electric motor.

And:

Toyota’s proprietary fuel cell stack represents a major leap forward in performance, delivering one of the world’s best power outputs of 3.1 kW/L at a dramatically reduced size that fits under the front driver and passenger seats. The system provides Mirai with a maximum output of 153hp, accelerating from 0-60 in 9.0 seconds and delivering a passing time of 3 seconds from 25-40 mph.

Drivers who want fast acceleration will have to turn elsewhere.

ALSO READ: Ford F-150 Named 2015 Best Buy

The car also can work as a home generator in case of emergencies, a feature that is almost certainly new among the world’s automobiles:

What’s more, thanks to fuel cell technology’s versatility and adaptability, the Mirai offers performance options that go well beyond a traditional automobile. In fact, the vehicle will be offered with an optional power take off (PTO) device that enables Mirai to serve as a mobile generator in case of emergency. With the PTO accessory, Mirai is capable of powering home essentials in an average house for up to a week in an emergency — while emitting only water in the process.

The car will not be cheap. Toyota seems worried about demand because it will offer the kind of incentives car companies use to clear dealers of inventory:

When it hits the market in 2015, customers can take advantage of Mirai’s $499 per month/36 month lease option, with $3649 due at lease signing, or purchase the vehicle for $57,500. With combined state and federal incentives of $13,000 available to many customers, the purchase price could potentially fall to under $45,000.

Also worth noting, Toyota will only have chargers in five states in the near future.

 In 2016, Air Liquide, in collaboration with Toyota, is targeting construction of 12 stations in five states — New York, New Jersey, Massachusetts, Connecticut, and Rhode Island.

But Toyota will offer free fuel for three years. That may not be enough for people to dump their traditional hybrids.

ALSO READ: Auto Industry Sees 2015 Car Market Even Better Than 2014

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.