The plane was powered by a 400kw (500 horsepower) motor with a battery pack that Rolls said has the best power density of any used in aviation.
The main obstacle to using batteries in planes is their weight. The power system weighs 700kg, while the airframe is another 300kg. However, every year progress is being made to squeeze in more power per pound.
Kwasi Kwarteng, the Business Secretary, said: “This record will show the potential of electric flight and help to unlock the technologies that could make it part of everyday life.”
The plane was built with a £6m budget, half-funded by the Government. Rolls-Royce worked with Gloucestershire-based Electroflight, which developed the battery system, and YASA, an electric motor company owned by Mercedes-Benz and based in the UK.
The previous record was set by a Siemens eAircraft-powered Extra 330 LE Aerobatic aircraft in 2017.
The records make the Spirit of Aviation faster than any train, although it will have some way to go before breaking the piston engine record, set at 532mph by a modified P-51 Mustang in 2017.
The turboprop record is held by a Piaggio P.180 Avanti at 576mph, set in 2003.