Photo: OPT PowerBuoy

OPT gets close to $1M through NJEDA program

Ocean Power Technologies (OPT) has recently received $0.9 million of non-dilutive funding through the New Jersey Economic Development Authority (NJEDA).

This specifically enables companies to raise funding to finance their growth and operations.

NJEDA and the New Jersey Department of the Treasury’s Division of Taxation administrate the ‘Technology Business Tax Certificate Transfer Program‘.

The program allows New Jersey-based tech firms with fewer than 225 US employees to sell net operating losses (NOLs) and R&D tax credits to unaffiliated corporations up to a maximum lifetime benefit of $15 million per business.

Matthew T. Shafer, CFO of OPT, 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 (PSEG) on the sale of our NOLs and research and development tax credits.

“We appreciate the continued support for 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.”

NJEDA has also previously allowed funds for OPT through the program.

Last year, OPT received approximately the similar amount as this year.

The company reported loss for the Q3 2020 of $2.9 million, against loss of $2.6 million in Q3 2019.

The increase in net loss was mainly attributable to a delay in receipt of funds from the sale of net operating losses credits.