Ocean Power Technologies has received $1.7m through the State of New Jersey’s business tax certificate transfer program.
The program enables companies to raise cash to finance growth and operations.
It is administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury’s Division of Taxation.
Under the terms of the program, New Jersey-based technology and 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 up to a maximum lifetime benefit of $15m per business.
OPT chief financial officer Mark Featherstone said: “We appreciate NJEDA’s decision to approve our application to the program again this year.
“As in prior years, we were fortunate to work with Public Service Enterprise Group on 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.
“This program continues to make an important contribution to our on-going technology development efforts.”
Image: OPT Powerbuoy off New York (OPT)
