Boston, MA 02/12/2014 (wallstreetpr) – Ocean Power Technologies Inc. (NASDAQ:OPTT) which develops and commercializes systems that generate electricity by harnessing renewable energy from ocean waves has revealed that it recently received a total of $1.75 million through the Business Tax Certificate transfer Program of the State of New Jersey.
The program is mainly used to enable companies raise enough cash that they can use to finance their growth operations depending on the field of operations. The program is mainly administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey department of the Treasury’s Division of taxation.
Ocean Power Technologies new wave energy project
Ocean Power Technologies seem to be doing well in other fronts as it is the brain behind a project by Lockhead which is going to build the world’s largest wave energy project in the coast of Australia. The project is expected to generate a total of 62.5 Mw upon full completion; this will be enough power to successfully power 10,000 homes.
This is not the first project that Ocean Power Technologies is instigating considering it has a wide range of established pipeline projects including ones under development of the coast of Hawaii Japan and Europe. The project by Ocean Power Technologies will be financed by the Australian Energy agency, Arena as part of its plans to invest a total of $2.5 billion in renewable energy projects. The project by Ocean Power Technologies could not have come at a better time considering the country is planning to reach 20% in total renewable energy as by 2020.
With the announcement of the deal with Lockhead about the wave energy project, Ocean Power Technologies stock soared in the market by 40.99%. The project is expected to cost $205 million and will be fully completed in 2018 or 2019. The agreement has been seen in many quarters as part of LMT efforts to engage more in renewable energy sources as it seeks to maintain its turnaround and offset the slump in the US and European military.
On the second day of trading in the stock exchange the company’s stock have been moving up, highly boosted by the new project that is sure to commercialize even further the fortunes of Ocean Power Technologies Inc. (NASDAQ:OPTT). The company currently boosts of a market capitalization of $46.69 million.