Ocean Power Technologies Inc. will benefit, again, from the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer Program.
The Monroe Township-based ocean energy solutions provider said Monday it received $900,000 from the NJEDA program.
“We appreciate NJEDA’s decision to approve our application to the program again this year,” Chief Financial Officer Matthew Shafer said in a prepared statement. “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,” he added.
The Technology Business Tax Certification Transfer Program, which is administered by the NJEDA with the state Division of Taxation, allows state-based technology and biotechnology companies with fewer than 225 U.S. employees to sell state net operating losses and unused research and development credits to unrelated profitable companies for cash.
OPT also received a $900,000 NOL credit in 2019.