The company said it will put the money toward construction of ethanol plant in Lamberton that will generate 50 million gallons per year. The project is estimated to cost $99.5 million.
Highwater Ethanol said it will put between 4,000 and 4,614 membership units on the market. Each unit will be priced at $10,000. The Lamberton plant will be the early-stage company's first project.
Ethanol, an alternative fuel made partly from corn or other crops, has grown in popularity nationally with the rising price of oil and the instability in the Middle East.
Interest in producing ethanol has been particularly strong in Minnesota and other Midwest states.
