Cadiz to Purchase 180 Miles of New Pipeline Assets

Core Points - Cadiz, Inc. has entered into an agreement to purchase 180 miles of steel pipe from the terminated Keystone XL Pipeline Project for constructing a pipeline network to connect its groundwater bank in the Mojave Desert to major water networks in the Southwestern U.S. [1][3] - The new steel pipe will expand the company's existing pipeline assets, which include 220 miles acquired from El Paso Natural Gas in 2021, creating the largest new groundwater bank in the Southwest [1][3] - Construction of the pipeline network is planned to begin in 2025 [1] Company Mission and Vision - The company emphasizes its mission of repurposing fossil fuel infrastructure to deliver clean water to underserved communities, which aligns with its goal of environmental justice [2][4] - Cadiz CEO Susan Kennedy highlighted that securing the steel will enable faster and more efficient infrastructure development [2] Financial Aspects - In October, the company announced a letter of intent with a non-profit investment fund for a prospective investment of up to $150 million for the construction, ownership, and operation of the Mojave Groundwater Bank [5] - The total estimated cost for the construction of the Mojave Groundwater Bank is$800 million, with the fund and other investors expected to provide up to $401 million in equity capital [5]