Ocean Power Technologies has been notified of a $1.1M preliminary award under the New Jersey Economic Development Authority 2024 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss 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 tax credits to unrelated profitable corporations for cash. OPT takes part in the NJEDA NOL program annually and received a $1.2M award for the 2023 NOL program. 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.
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