By Austin Business Journal

Austin-based NX Global Inc. (OTCBB: NEGS) raised $100 million to develop an alternative energy plant and algae-growing facility, officials said Monday.

The press release did not specify the investor or investors, but officials have said they were seeking money from the government and Canadian backers. The investment will be used to buy a two million-square-foot greenhouse in Virginia that will be used to grow algae.

The company announced late last year that its subsidiary Applied Concepts for Energy Corp. formed a joint venture to transform two former paper and pulp processing plants into green energy producers. One project, a 2,200-acre plant in Canada, will turn waste to energy, waste to compost and compost to food. It will serve as a prototype for the other sites and employ about 800 people.

The funding is contingent on the project garnering a guarantee of a business with the Better Business Bureau or government entity. Officials said they are still working to meet requirements, but do not expect any difficulty.

Copyright 2011 American City Business Journals

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