OPTT - Ocean Power Technologies Announces $1.2 million award from the New Jersey Economic Development Authority (NJEDA) Net Operating Loss (NOL) Program | Benzinga
MONROE TOWNSHIP, N.J., Jan. 29, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or the "Company") (NYSE:OPTT), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has been awarded approximately $1.2 million under the New Jersey Economic Development Authority (NJEDA) 2023 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program.
This 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 (R&D) tax credits to unrelated profitable corporations for cash. OPT takes part in the NJEDA NOL program annually and this funding represents a significant resource as the Company continues to make progress on its previously announced path to profitability. In addition, 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.
About Ocean Power Technologies
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company's headquarters is in Monroe Township, New Jersey and it has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.
Forward-Looking Statements
This press release contains forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements in this release include, but are not limited to, those statements relating to the value to OPT of its net operating losses and unused R&D tax credits, OPT's ability to preserve its net operating losses and unused R&D tax credits, the future opportunities OPT may have to participate in the NJEDA NOL program and monetize its net ...