The model will go on sale within four years, with an estimated price tag of $50,000, just under twice the amount for a standard version.
Toyota is in the process of testing over 100 Highlander FCHVs in the US ahead of the planned launch date.
The firm's hydrogen fuel cell technology has been continually evolving since its first generation fuel cell vehicle hit the road in 2002, explained Chris Hostetter, Toyota Motor Sales Group vice-president of strategic resources.
He said the last nine years have seen improvements in range, durability and efficiency of fuel cells, while significant cost reductions in materials and manufacturing have also been realised.
"Fuel cell technology is viable and ready for the mass market," he added.
"Toyota plans to bring a fuel cell vehicle to market in 2015, or sooner, and as you see … we will not be alone in the marketplace."
One major barrier to the widespread adoption of hydrogen fuel cell technology is a lack of points where people can fill up their vehicle, despite the Highlander FCHV managing 500 miles on a single tank of hydrogen.
"Building an extensive hydrogen re-fuelling infrastructure is the critical next step in bringing these products to market," Mr Hostetter noted. "But infrastructure development is no easy task."
Earlier this year, a collaborative effort by Shell, Air Products, Toyota, South Coast Air Quality Management District and the Department of Energy resulted in a new hydrogen fuelling facility in Torrance, Calfornia.
But the growth of fuel cells will depend on more projects like that one, Mr Hostetter said.
"It will require coordination and cooperation between vehicle manufacturers … government agencies … hydrogen producers … and end users," he explained.
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