Scotland's first state-of-the art renewable energy park is expected to inspire new businesses and create 1350 jobs over the next 25 years.
The £2.77m futuristic energy efficient demonstration centre is also expected to boost the Scottish economy by £81m over the same period, Scottish Enterprise predicts.
Plans for the clean energy project will be unveiled in Methil today and is expected to be completed later this year.
Work has already begun on clearing the 133-acre former rig yard which will be the site for the office unit and demonstration centre powered by a renewable and hydrogen fuel cell energy solution.
It is expected to illustrate the role that energy efficiency, renewables and hydrogen can play in reducing the impact of climate change and the dependence on imported energy.
It will become what Scottish Enterprise calls "a world leading demonstration project" integrating well proven renewable energy technologies including solar, wind and geo-thermal source heat pumps with hydrogen and fuel cell energy storage technologies.
The project, jointly funded by Scottish Enterprise, Alsherra Investments and the European Regional Development Fund from the East of Scotland Programme, will work towards meeting the Scottish Executive's targets of having 18% of Scotland's electricity generated by renewables by 2010 rising to 40% by 2020.
Nicol Stephen, Deputy First Minister, said: "Hydrogen and fuel cell technology is one of the most exciting developments to come from the renewables sector.
"Last month I opened a £1.5m fund to develop projects such as these as part of a strategy to develop clean, green energy in Scotland.
"I am determined to make Scotland a European powerhouse for renewable energy and I wish Scottish Enterprise Fife well for this new project."
Joe Noble, chief executive of Scottish Enterprise Fife, said: "Novel energy systems and the emerging hydrogen and fuel cell sectors offer substantial prospects for Scotland."
He said that investment in the project would allow Scotland to realise some of the benefits which these new industries will bring, particularly in developing the knowledge to put these complex energy systems together and make them work effectively.
He concluded: "We are confident that this project will attract international interest - the Energy Park and this new Hydrogen Office will help ensure that Fife and Scotland are at the front of world developments to provide energy solutions for the future."
Derek Mitchell, project manager for the Hydrogen Office Demonstration Centre, said: "This is a fantastic opportunity for Scotland to develop a world-leading renewable hydrogen demonstration project, promoting the importance of energy efficiency, renewables and hydrogen in reducing the impact of climate change and the UK's growing dependence on imported energy supplies."
He added that the development of a hydrogen fuel cell industry worldwide is at an early stage, but experts agreed that hydrogen would become the energy vector of the future.
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