NewGen Technologies, a developer of alternative fuels, has landed $6.668 million in new financing through loans converted to stock and additional loans.

The financing came from Noel Corcoran, a director of the company, and Indexia Holdings Ltd.

NewGen stock trades over the counter under the symbol NWGN. Its stock closed at 84 cents, down 11 cents, on Friday.

The investors received more than 18 million shares of stock at a price of 23 cents, for $4 million. Corcoran will receive 10 percent interest on the other $2.7 million advanced to the company. The loan can also be converted to stock.