Ocean Power Technologies (OPTT) Receives $1 Million of Non-Dilutive Funding Through NJEDA Technology Business Tax Certificate Transfer Program

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.”

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