Ocean Power Technologies, Inc.
) announced that it received approximately $1.5 million under the
State of New Jersey's Business Tax Certificate Transfer
New Jersey's Business Tax Certificate Transfer Program enables
companies to raise cash to finance their growth and operations
and is administered by the New Jersey Economic Development
Authority (NJEDA) and the New Jersey Department of the Treasury's
Division of Taxation. Under the Program, New Jersey-based
technology or biotechnology companies with fewer than 225 U.S.
employees may be eligible to sell NJ state net tax operating
losses (NOL's) and research and development tax credits to
unaffiliated corporations, for at least 80% of their value, up to
a maximum lifetime benefit of $15 million per business. The State
of New Jersey was the originator of the Program and the first
state to implement and fund it. Ocean Power Technologies would
generate the $1.5 million by selling NOL's to utility operator
Public Service Enterprise Group Inc.
Ocean Power Technologies is a leading renewable energy company
specializing in cost effective, advanced, and environmentally
sound offshore wave power technology. It harnesses ocean waves to
generate reliable and clean electricity in an
environmentally-friendly way. Wave energy has the potential to
produce around 2,000 terawatt hours of electricity in a year, or
sufficient power to meet 10% of the world's current energy
The electrical power generated by company's proprietory
technology is key to meeting the energy needs of the future.
Ocean Power's PowerBuoy system harnesses the natural energy in
ocean waves, and is based on the integration of patented
technologies in hydrodynamics, electronics, energy conversion and
computer control systems. PowerBuoy is a smart system capable of
responding to differing wave conditions. The result is a leading
edge, ocean-tested, proprietary system which generates reliable,
clean, and environmentally-beneficial electricity. Ocean Power
developed the PowerBuoy system in collaboration with
Lockheed Martin Corporation
The company is expected to release its fourth quarter and full
year results on Mar 5, 2013. The Zacks Consensus Estimates for
the fourth quarter and full year 2012 are currently at 32 cents
loss per share and $1.38 loss per share, respectively. Earlier,
on Oct 31, 2012, the company declared that it has an order
backlog of $5.2 million.
The company competes with
ENERGYSOLUTIONS (ES): Free Stock Analysis
LOCKHEED MARTIN (LMT): Free Stock Analysis
OCEAN POWER TEC (OPTT): Free Stock Analysis
PUBLIC SV ENTRP (PEG): Free Stock Analysis
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