Ocean Power Technologies, Inc., a leading wave energy technology company, announced that it recently received approximately $1.75 million through the State of New Jersey’s Business Tax Certificate Transfer Program (the Program).
The Program enables companies to raise cash to finance their growth and operations and is administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury’s Division of Taxation. 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 $15 million per business. The state of New Jersey was the originator of the Program and the first state to implement and fund it.
Mark A. Featherstone, Chief Financial Officer of OPT, commented, “We are pleased by NJEDA’s decision to approve our application to this year’s program. As in prior years, we were fortunate to work with Public Service Enterprise Group (PSEG) in the sale of our NOLs and research and development tax credits. We appreciate the continued support of technology companies like OPT by both the state of New Jersey and PSEG.”