If given the go-ahead, the energy research centre would be located close to a Hydrogen Office building, also proposed for the Methil area.
The facility would house a novel hydrogen production system which has the potential to become a world-leading renewable energy solution.
The Scottish Enterprise Fife plans have been submitted to Fife Council.
Fuel cell
Willie Johnston, director of strategic projects at Scottish Enterprise Fife, said: "Renewable energy is an area in which Scotland already has a growing reputation for excellence.
"It is becoming one of the world's fastest growing sectors in which Scotland has a considerable presence with the potential for momentous development.
"The energy centre is one of a number of potential projects earmarked for the emerging energy hub at Methil and we are confident that, if given the green light, the project will deliver significant economic benefit not only for Fife, but for Scotland as a whole."
It is hoped the project will become one of the world's first fully integrated alternative energy projects, combining traditional wind and geothermal source heat pump technology with hydrogen and fuel cell energy storage techniques.
The project aims to use surplus renewable electricity to convert tap water into hydrogen, which researchers say is a sustainable means of storing energy.
The quantities of hydrogen stored by the project would be small and comparable in energy terms to the petrol carried by three family cars.
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