Photo: OPT PowerBuoy

OPT secures $1 million through New Jersey funding program

US-based marine energy company Ocean Power Technologies (OPT) has received $1 million of non-dilutive funding through the New Jersey Technology Business Tax Certificate Transfer Program.

The funding is administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury’s Division of Taxation.

“The NJEDA’s Technology Business Tax Certificate Transfer Program continues to make a meaningful impact on our ongoing commercial and development efforts,” said Matthew T. Shafer, chief financial officer of OPT.

“OPT has partnered with PSEG (Public Service Enterprise Group) for nearly ten years through the NJEDA program to sell our NOLs and research and development tax credits. We appreciate the support PSEG and the State of New Jersey continue to show technology companies like OPT and the opportunity they provide to help us grow.”

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The Technology Business Tax Certificate Transfer Program enables companies to raise funding to finance their growth and operations.

New Jersey-based technology or biotechnology companies with fewer than 225 local 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 $20 million per business.