NewGen Technologies, which is developing alternative fuel technology, has secured $70 million in financing.

The 10-year deal is with BioFuel Investments, an international investment group focused on development of renewable biofuel and alternative energy products.

Proceeds will be used to complete the purchase of Appalachian Oil Company, to pay off debt, and for other strategic objectives, the company said. The Appalachian Oil acquisition will provide 200 outlets for its biofuels.