<Page>

                                                                    EXHIBIT 10.1

                                LETTER OF INTENT

DATE:     08/20/02

PARIES:   FAGEN, INC. of Granite Falls, MN and UNITED WISCONSIN GRAIN PRODUCERS,
LLC of Columbus, Wisconsin (Owner)

     Owner is a committee of farmers and business people formed to facilitate
     the development and building of a locally-owned ethanol plant in Wisconsin
     (the Facility).

     Fagen, Inc. is an engineering and construction firm capable of providing
     development assistance, as well as constructing the Facility being
     considered by Owner.

     ICM, Inc. is a leader in ethanol plant process technology. ICM, Inc. also
     provides state of the art grain drying and wastewater treatment equipment.

     Owner, and Fagen, Inc (Fagen) agree to using best efforts in jointly
     developing this project under the following terms:

          1.   Owner agrees that Fagen. will DesignBuild the Facility if
               determined by Owner to be feasible and if adequate financing is
               obtained.

          2.   Fagen will provide Owner with assistance in evaluating, from both
               a technical and business perspective

               -    Owner organizational options.

               -    The appropriate location of the proposed Facility, and

               -    Business Plan development

          3.   Fagen shall assist Owner in locating appropriate management
               personnel and/or supply contract management for the Facility.

          4.   Fagen will assist Owner in presenting information to potential
               investors, potential leaders and various entities or agencies
               that may provide project development assistance.

          5.   This Letter of Intent shall terminate on August 31, 2003 unless
               the basic size and design of the Facility have been determined
               and mutually agreed upon, and a specific site or sites have been
               determined and mutually agreed upon, and at least 10% of the
               necessary equity has been raised. Furthermore, this Letter of
               Intent shall terminate on August 31, 2004 unless total financing
               for the Facility has been secured. Either of the aforementioned
               dates may be extended upon mutual agreement of the parties.

                                                                     Page 1 of 2
<Page>

                                    UNITED WISCONSIN GRAIN PRODUCERS, LLC

                                    By: /s/ [ILLEGIBLE]
                                       -------------------------------
                                    Its: [ILLEGIBLE]
                                        ------------------------------
                                    Date: 8-29-02
                                         -----------------------------

                                    FAGEN, INC.

                                    By: /s/ [ILLEGIBLE]
                                       -------------------------------
                                    Its: Vice President
                                        ------------------------------
                                    Date: 8/20/02
                                         -----------------------------