CHARLOTTE, N.C. — NewGen Technologies, a developer of alternative fuels technology, has lined up $18 million in debt financing.

NewGen (OTCBB: NWGN) said the funds would be used to upgrade facilities in North and South Carolina as well as for general capital purposes.

The company reached the debt deal with Greystone Business Credit. Greystone also received an option to purchase 250,000 NewGen shares at $1 each.

NewGen develops and distributes biofuels and is seeking to improve the performance of gasoline and diesel fuels.