Riversimple, the world’s only independent manufacturer of hydrogen-powered cars, has announced that its first crowdfunding round exceeded its target of £1 million and raised £1,138,000 before closing at midnight on 9 April.

The company’s founder, Hugo Spowers, said: “I am delighted that we not only reached our first tranche target of £1 million but generated sufficient interest to exceed that figure. This is down to a growing demand for low-emission personal transport and to the efforts of our team.

“This very definite endorsement demonstrates people’s growing desire to be able to travel in a sustainable way and to start to address the effects of pollution and global warming.

“The funding enables us to start building cars for our beta-test, which will take place in Wales and will be the first trial of its kind in the motor industry. Feedback from users will directly influence the final car design.

“Wales has been a good place to develop our vehicle. The reaction from both organisations and individuals here has been overwhelmingly supportive and we have found it a great base for our business, which has attracted global recognition.”

The pioneering Welsh company used crowdfunding to match a 2 million euro EU grant to hand-build 20 hydrogen fuel-cell cars, which will be test-driven by residents in Monmouthshire. This follows a £2 million grant awarded by the Welsh government in 2015.

Riversimple says its Rasa car is believed to be the ‘greenest’ car on the road for ordinary road use and emits just water. It is the culmination of 15 years’ research and development by a team that includes ex-F1 and aerospace engineers, plus the former chief designer at Fiat.

Launched in spring 2016, it has a range of about 300 miles, refills in a few minutes and is powered by a hydrogen fuel cell as well as energy recaptured from braking.