NJEDA awards Ocean Power Technologies $1.2M under Net Operating Loss Program

Ocean Power Technologies has been awarded approximately $1.2 million under the New Jersey Economic Development Authority‘s 2023 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss Program.

Monroe-based OPT takes part in the NJEDA NOL program annually, and this funding represents a significant resource as OPT continues to make progress on its previously announced path to profitability.

The NOL program enables technology and life sciences businesses in New Jersey to sell a percentage of their New Jersey net operating losses and unused research & development tax credits to unrelated profitable corporations for cash.

The receipt of this award demonstrates the potential value of the company’s net operating losses and unused R&D tax credits and the need to preserve these potentially valuable assets and thereby preserve OPT’s ability to participate in future value enhancing monetization opportunities.