The Claremont-based plant currently produces 50 million gallons of ethanol a year. At 120 million gallons a year, Al-Corn would join Guardian Energy in Janesville as the biggest ethanol plants in the state.

According to this report, Al-Corn estimates the cost to more than double production would be $146 million. Al-Corn plans to raise that amount through the issuance of new shares and reducing the par value of its shares.

"We need to raise a little bit more equity, and we hope the share sale will do that for us," said Randy Doyal, CEO of Al-Corn. 

The expansion works at the plant will entail modernizing existing equipment, change current processes to become more efficient in producing more ethanol.

By expanding its production capacity, Al-Corn will be better positioned to compete in the local ethanol industry while increasing demand for corn and its value, the report said.

"It's not normal business; it's not a Wall Street business. It's trying to get more value for (the farmer's) corn as a commodity," Doyal said.