An electric penny farthing has been unveiled in London as the next generation of foldable bike.

Cyclopic features a large front and small rear wheel without spokes, which swing around to snap inside one another.

Its creators, South Bank University graduates Alan Rallings and Rishi Haraniya, say it is the world’s first spokeless electric bike and can be folded up “in five seconds”.

They presented their design at the Society of Motor Manufacturers and Traders conference in Westminster yesterday. Its grey aluminium frame sits on two puncture-proof solid tyres and weighs about 11lb — around half the weight of the average pedal bike.

The six-speed bike is powered by an electric drive system, which also controls the brakes and steering as there is no front axle.

Cyclopic has a 15.5mph top speed and can be set to assisted mode, the current UK legal standard, which sends charge back to the battery, or full electric.

Power is provided by an electric motor housed in a casing over the rear wheel.

An LCD display on the front shows metrics including distance travelled and heart rate.

Mr Rallings, a former British Aerospace engineer, said he hoped the bike will sell for about £2,000. It is designed to be stored on train and bus overhead racks. They are also stackable, with four able to fit in a car boot. Prototyping, including trying to reduce the weight, is due for completion this summer.

Mr Haraniya, an inventor from Harrow, said: “It’s the world’s first spokeless electric bike that will make life a lot easier for commuters getting from home to work.”