Ocean Power Technologies Announces $1.1 Million Preliminary Award from the New Jersey Economic Development Authority (NJEDA) Technology Business Tax Certificate Transfer Program

Core Points - Ocean Power Technologies, Inc. has received a preliminary award of $1.1 million under the NJEDA 2024 Technology Business Tax Certificate Transfer Program, which allows technology and life sciences businesses to monetize net operating losses and unused R&D tax credits [1][2] - The company participated in the NJEDA NOL program in the previous year, receiving a $1.2 million award for the 2023 program, highlighting the importance of these funds in its path to profitability [2] - The award signifies the potential value of the company's net operating losses and unused R&D tax credits, emphasizing the need to preserve these assets for future monetization opportunities [2] Company Overview - Ocean Power Technologies provides innovative maritime solutions and services aimed at enhancing safety, cleanliness, and productivity in ocean operations across various sectors, including defense, oil and gas, science, research, and offshore wind [4] - The company's offerings include the Merrows™ system for AI integration of Maritime Domain Awareness Systems, PowerBuoy® platforms for clean electric power and data communications, and WAM-V® autonomous surface vessels [4] - The headquarters is located in Monroe Township, New Jersey, with an additional office in Richmond, California [4]