Ocean Power Technologies, a Monroe Township-based company that bills itself as a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, recently announced it has been given a $1.1 million preliminary award under the N.J. Economic Development Authority’s 2024 Technology Business Tax Certificate Transfer program, commonly known as the Net Operating Loss program.
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 and development tax credits to unrelated profitable corporations for cash.
Company leaders say OPT takes part in the NOL program annually and received a $1.2 million award for the 2023 NOL program – and that the funding represents a significant resource as the company continues to make progress on its previously announced path to profitability.
OPT leaders also feel 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.
