Ocean Power Technologies, wave energy technology company, has received approximately USD 1.1 million from the state of New Jersey, it is stated in the company’s press release.
The New Jersey’s Business Tax Certificate Transfer Program enables companies to raise cash to finance their growth and operations.
Under the Program, New Jersey-based technology or biotechnology companies with fewer than 225 US employees may be eligible to sell net operating losses (NOLs) and research and development tax credits to unaffiliated corporations, for at least 80 percent of their value, up to a maximum lifetime benefit of USD 15 million per business.
Mark A. Featherstone , Chief Financial Officer of OPT, commented: “We appreciate the continued support of technology companies like OPT by both the State of New Jersey and PSEG. This program makes an important contribution to our technology development efforts.”
Headquartered in Pennington, New Jersey, Ocean Power Technologies is a wave-energy technology developer. OPT’s proprietary PowerBuoy® technology is based on a modular design and has undergone periodic ocean testing since 1997.
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Image: Ocean Power Technologies