The project is part of a global initiate by the Japanese auto maker, which involves 600 plug-in Prius vehicles sent to the United States, Canada, England and Australia.

Each plug-in Toyota Prius is almost identical to the third generations hybrid car on the roads of America and the UK today. But there is one distinct difference: each is equipped with a 240-volt rechargeable lithium-ion battery pack for power.

According to the press release: The rechargeable battery technology gives Prius Plug-in extended capabilities when it is driven in EV (electric vehicle) mode: capable of running for up to 12.5 miles solely on its electric motor – battery charge and road conditions permitting – at speeds up to 62mph, it can accomplish the great majority of typical urban journeys with zero fuel consumption and tailpipe emissions.

Prius Plug-in’s combined cycle fuel consumption and CO2 emissions are 108.6mpg and 59g/km respectively.

There isn’t much for info yet, but the EV will most likely feature lithium ion batteries and provide power to four in-wheel motors. You know, the basic rechargeable electric car gimmick. This should enable the car to travel up to 93 miles a charge, with an estimated 8-hour recharging.

World Car Fans also pointed out Toyota’s IQ EV sounds similar to Nissan’s upcoming EV – both of which launch in 2010. It will be interesting to see which does better on a consumer level.