Ocean Power Technologies Receives $1 Million of Non-Dilutive Funding Through NJEDA Technology Business Tax Certificate Transf...
May 12 2021 - 8:30AM
Ocean Power Technologies, Inc. ("OPT" or "the Company")
(NASDAQ: OPTT), a leader in innovative and cost-effective ocean
energy solutions, today announced that it has received $1
million of non-dilutive funding through the New Jersey
Economic Development Authority’s (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 Matthew T. Shafer, Chief Financial Officer of OPT.
“We appreciate the support PSEG and the State of New
Jersey continue to show technology companies like OPT and the
opportunity they provide to help us grow.”
About Ocean Power TechnologiesHeadquartered in
Monroe Township, New Jersey, OPT aspires to transform the world
through durable, innovative, and cost-effective ocean energy
solutions. Its PowerBuoy® solutions platform provides clean and
reliable electric power and real-time data communications for
remote offshore and subsea applications in markets such as offshore
oil and gas, defense and security, science and research, and
communications. To learn more, visit
www.oceanpowertechnologies.com.
Forward-Looking StatementsThis release may
contain forward-looking statements that are within the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by certain words or
phrases such as "may", "will", "aim", "will likely result",
"believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective",
"goal", "project", "should", "will pursue" and similar expressions
or variations of such expressions. These forward-looking statements
reflect the Company's current expectations about its future plans
and performance. These forward-looking statements rely on a number
of assumptions and estimates which could be inaccurate and which
are subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any
forward-looking statement made by the Company. Please refer to the
Company's most recent Forms 10-Q and 10-K and subsequent filings
with the U.S. Securities and Exchange Commission for a further
discussion of these risks and uncertainties. The Company disclaims
any obligation or intent to update the forward-looking statements
in order to reflect events or circumstances after the date of this
release.
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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