Welcome to our dedicated page for CADIZ news (Ticker: CDZI), a resource for investors and traders seeking the latest updates and insights on CADIZ stock.
CADIZ, Inc. (NASDAQ: CDZI) is a pioneering renewable resource company founded in 1983, dedicated to sustainable water and land management solutions across Southern California. The company boasts ownership of over 70 square miles of land in California's eastern Mojave Desert, rich with water resources and ideal conditions for organic farming and land conservation.
Cadiz operates primarily through two segments: Land and Water Resources, and ATEC Water Systems LLC. At its core, Cadiz focuses on the Cadiz Valley Water Conservation, Recovery, and Storage Project, designed to capture and conserve billions of gallons of renewable groundwater currently lost to evaporation. By actively managing the groundwater aquifer system, this project aims to provide a sustainable water supply to various communities and industries throughout Southern California.
The company’s operations span extensive organic farming activities in the Cadiz Valley and management of California’s largest desert tortoise land conservation bank. In line with its commitment to innovative water solutions, Cadiz acquired ATEC Water Systems in 2022, a leader in groundwater filtration technologies.
Recent notable achievements underline Cadiz’s strategic advancements. In February 2024, the company secured a significant financing agreement with Heerema International Group Services BV to bolster its water supply, pipeline, filtration, and storage assets. This agreement included Heerema acquiring a $21.2 million Senior Secured Loan and providing an additional $20 million for capital investments, extending the company’s financial runway to 2027.
Additionally, Cadiz has been proactive in addressing housing needs through strategic water agreements. In March 2024, the company signed a deal with Solstra Communities California LLC to supply water for the development of sustainable housing for military and working families. This agreement highlights Cadiz’s role in supporting California’s housing objectives by ensuring reliable water access for new developments.
Cadiz's commitment to addressing climate change impacts on water access is evident through its robust infrastructure. The company manages 220 miles of pipeline assets and operates extensive water storage facilities, including a dynamic aquifer system capable of storing millions of acre-feet of water. This infrastructure supports Cadiz’s mission to deliver clean, reliable, and affordable water.
In partnership with various water agencies, Cadiz contributes to regional water security initiatives. For instance, the company’s
Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced the nomination of Maria Jelescu Dreyfus to its Board of Directors. Dreyfus, with over 20 years of strategic and financial expertise, has a significant background from Goldman Sachs and founded Ardinall Investment Management, focusing on clean energy transitions. Her experience spans investments in energy and infrastructure, and she is currently affiliated with multiple corporate boards. Dreyfus emphasizes the critical need for water management in the face of climate change, noting that trillions will be invested to ensure safe drinking water. Her nomination is set for a vote at the annual shareholder meeting in June. This strategic appointment is poised to strengthen Cadiz's position in the clean water solutions sector.
Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced the completion of three new groundwater wells at Cadiz Ranch, expanding its capacity to 36,000 acre-feet per year (AFY). These wells will support the Northern Pipeline's full volume of 25,000 AFY while aiding current agricultural operations. The project, authorized since 2012, aims to conserve 50,000 AFY for Southern California communities and can store one million acre-feet of surplus water. Recently, the Salton Sea Authority approved a contract securing 5,000 AFY from Cadiz for restoration efforts, enhancing the wellfield's significance in addressing water scarcity amidst continued pressure on the Colorado River system. CEO Scott Slater emphasized the company's role in providing solutions despite ongoing drought conditions.
Cadiz, Inc. (NASDAQ: CDZI, CDZIP) announced a cash dividend for its 8.875% Series A Cumulative Perpetual Preferred Stock. Holders will receive a cash dividend of $550.00 per whole share or approximately $0.55 per depositary share. This dividend will be paid on April 14, 2023, to shareholders on record as of April 4, 2023. The announcement reflects Cadiz's ongoing commitment to providing clean and affordable water solutions in California.
ATEC Water Systems, a subsidiary of Cadiz (NASDAQ: CDZI), has secured a $10 million contract from the Central Utah Water Conservancy District for its Vineyard Wellfield project. The project aims to deliver 60 million gallons per day of clean groundwater to central Utah. Under the contract, ATEC will manufacture 320 innovative filters over the next year, marking the largest contract in ATEC's history. The filters will address elevated levels of manganese, iron, ammonia, and hydrogen sulfide in the water, enhancing its quality for local communities. ATEC has been a pioneer in water filtration since 1982.
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