Ocean Power Technologies announced it has been awarded approximately $1.2M 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 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.
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