Ocean Power Technologies Receives $1 Million of Non-Dilutive Funding Through NJEDA Technology Business Tax Certificate Transfer Program
Administered by the NJEDA and the New Jersey Department of the Treasury’s Division of Taxation, the Technology Business Tax Certificate Transfer Program enables companies to raise funding 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, up to a maximum lifetime benefit of $20 million per business.
“The NJEDA’s Technology Business Tax Certificate Transfer Program continues to make a meaningful impact on our ongoing commercial and development efforts. 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,” said
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Contact Information Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
Source: Ocean Power Technologies, Inc.