Wave-energy technology pioneer Ocean Power Technologies (OPT) has been awarded $1.7m funding the State of New Jersey’s Business Tax Certificate Transfer Programme for its growth.

Business Tax Certificate Transfer Programme is administered by New Jersey Economic Development Authority (NJEDA) and New Jersey Department of the Treasury’s Division of Taxation.

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The programmme allows the New Jersey-based technology and biotechnology companies with less than 225 US employees to sell net operating losses (NOLs) and research and development tax credits to unaffiliated corporations up to a maximum lifetime benefit of $15m per business.

Ocean Power Technologies CFO Mark A. Featherstone said: "We appreciate NJEDA’s decision to approve our application to the programme again this year.

"This programme continues to make an important contribution to our ongoing technology development efforts."

"As in prior years, we were fortunate to work with Public Service Enterprise Group (PSEG) on the sale of our NOLs and research and development tax credits.

"We appreciate the continued support of technology companies like OPT by both the State of New Jersey and PSEG. This programme continues to make an important contribution to our ongoing technology development efforts."

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OPT’s PowerBuoy technology is based on a modular design. Since 1997, the design has been subjected to periodic ocean testing.

The PowerBuoy system integrates patented technologies in hydrodynamics, electronics, power conversion and energy storage, and intelligent computer control systems to generate energy from ocean waves.

The PowerBuoy consists of a float, spar, and heave plate. The float moves up and down the spar in response to the motion of the waves, while the heave plate maintains the spar in a relatively stationary position.