A company wants to build it on high ground near the North Devon Link Road on the Tiverton side of South Molton.
It would have a dual use - making fuel grade liquid hydrogen during the night and supplying electricity to the National Grid during the day.
A spokesman for the company told the Gazette that North Devon District Council had been told about the plan.
He said the proposal would involve the siting of three 120-metre wind turbines on 100 acres of land close to the Link Road.
There would also be an underground facility to store the liquid hydrogen.
The spokesman, who wished to remain anonymous for the time being, said the liquid hydrogen would be sold to North Devon filling stations for use in the next generation of dual-fuel cars.
He estimated the plant would be able to produce 350 tankfuls of fuel each night and by day generate enough electricity to power 3,000 homes.
"This is a pioneering project," he said. "The wind turbine hydrogen extraction facility is being proposed adjacent to the A361 in compliance with the EU Carbon Directive 2008.
"All retailers must source 5.75 per cent of their fuel from some form of renewables by 2010 or incur a penalty.
"This plant would be able to supply liquid hydrogen to local garages to accommodate 30,000 vehicle movements a day."
npower renewables is to remove from its literature claims relating to house prices near wind farms following a complaint to the Advertising Standards Authority by a resident near the proposed Batsworthy Cross wind farm site, at Knowstone.
The firm had claimed that wind farms appeared "not to affect house prices in the long run.