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Cadiz Inc is a land and water resource development company in California. Its primary business is to acquire and develop land with water resources for various uses, including groundwater supply, groundwater storage, and agriculture. The company focuses on the development of the Cadiz Valley Water Conservation, Recovery and Storage Project which will capture and conserve native groundwater currently being lost to evaporation from the aquifer system beneath the property of Cadiz and Fenner valleys of eastern San Bernardino County, and deliver it to water providers throughout Southern California. The company operates in two segment- Land and Water Resources and ATEC Water Systems LLC.
The Company maintains an organic agricultural operation at its primary property in the Cadiz Valley and manages the largest desert tortoise land conservation bank in California. Cadiz is dedicated to providing access to clean, reliable, and affordable water for people through a unique combination of water supply, storage, pipeline, and treatment solutions. The company offers a full suite of solutions to address the impacts of climate change on clean water access.
Cadiz Inc. (NASDAQ: CDZI) has appointed David Sickey, former Chairman of the Coushatta Tribe, as Senior Advisor for Energy and Water Projects. Sickey, with 18 years of tribal government experience, recently served as Senior Consultant to the U.S. Department of Energy's Loan Programs Office, focusing on the Tribal Energy Finance Program. His role at Cadiz will involve assisting with energy and water infrastructure financing.
Sickey's expertise in financing large-scale energy and infrastructure projects aligns with Cadiz's move into the financing and construction phase of its water infrastructure projects. The company, with 45,000 acres of land and water in the Mojave Desert, is developing one of the largest groundwater banking projects in the Southwestern U.S. and providing water supply and clean water technology to disadvantaged communities in the Colorado River Basin and California's desert areas.
Cadiz, Inc. (NASDAQ: CDZI) announced that its subsidiary ATEC Water Systems secured three new sales contracts for iron and manganese filtration systems, expected to generate $1.5 million in sales revenue in 2024. The systems will treat groundwater supplies in Wisconsin, Nevada, and Washington state, serving diverse communities including the University of Wisconsin at Madison, Portland suburbs, and rural Nevada clean energy development.
ATEC's specialized filter systems address the growing global threat of contaminated groundwater, particularly in underserved communities. The company has manufactured and delivered over 400 iron and manganese filter systems in the past three decades. ATEC's technology is positioned as an affordable and effective solution for communities affected by these contaminants throughout North America.
Cadiz, a California water solutions company, announced a quarterly cash dividend for Q2 2024 on its 8.875% Series A Cumulative Perpetual Preferred Stock. Holders of Series A Preferred Stock will receive $560.00 per share, while holders of depositary shares (representing 1/1000 of a share) will receive $0.56 per depositary share. The dividend will be paid on July 15, 2024, to holders of record as of July 5, 2024. Cadiz, founded in 1983, owns 45,000 acres of land in California, a 2.5 million acre-feet water supply, and 220 miles of pipeline assets.
Cadiz has signed a definitive agreement with Santa Margarita Water District (SMWD) for the delivery of 5,000 acre-feet per year (AFY) of water through its Northern Pipeline. This 50-year take or pay contract, approved unanimously by SMWD's board on June 5th, sets a price cap at $1,650 per acre-foot, covering all costs. This agreement follows a term sheet signed in February 2024. The contract will support infrastructure financing for the pipeline, expected to be operational by 2026. The agreement allows SMWD to diversify water sources, reducing reliance on the Colorado River and State Water Project resources. SMWD already holds rights to acquire up to 15,000 AFY from the Cadiz Project via the Colorado River Aqueduct. Currently, Cadiz has contracts covering 65% of the Northern Pipeline's capacity and is negotiating for the remaining capacity.
Cadiz (NASDAQ:CDZI), a California water solutions company, will participate in the iAccess Alpha Buyside Best Ideas Summer Conference 2024, held virtually on June 25 and 26. CEO Susan Kennedy will present on June 25 at 10:30 am ET, discussing innovative water solutions and financing structures. The company will also host one-on-one virtual meetings on June 26. The live webcast and replay will be available on Cadiz's investor website. Founded in 1983, Cadiz focuses on providing clean, reliable, and affordable water through a combination of supply, storage, pipeline, and treatment solutions. With substantial land, water supply, and pipeline assets, Cadiz is positioned to address the impacts of climate change on water access.
Cadiz announced a new LOI to supply 75,000 acre-feet of water to Hesperia, part of the 'One Water' initiative in San Bernardino County's Mojave River Basin. The initiative aims to coordinate water resources and infrastructure among regional agencies. Cadiz, through its non-profit affiliate Fenner Gap Mutual Water Company, will supply water at cost. The Northern Pipeline, running 220 miles through various High Desert communities, will facilitate this. The project aims to reduce reliance on imported water and enhance water sustainability. The One Water initiative was launched by the Victor Valley Wastewater Reclamation Authority in 2024.
Cadiz, a California-based water solutions company, shared updates from the B. Riley Securities 24th Annual Institutional Investor Conference. CEO Susan Kennedy highlighted key milestones, including firm contracts for water supply worth over $1.2 billion, expected to generate $16 million annually from 2026. The company plans further water supply contracts and aims for $50 million annual cash flow when both Northern and Southern Pipelines are operational. Cadiz also discussed a groundwater storage project with a potential $1.5 billion revenue over 50 years. Estimated capital costs for full operations by 2028 are around $800 million. Funding strategies include partnering with public agencies and potentially forming a Master Partnership (MLP) to move capital costs off balance sheet and reduce debt.
Cadiz, a California-based water solutions company, announced that its Chairman and CEO, Susan Kennedy, presented at the VerdeXchange 2024 conference on May 13, 2024. The event in Los Angeles featured Kennedy's talk titled 'Water Resiliency at Scale', which addressed climate change impacts on water resources in the Southwest U.S. and the company's innovative solutions in water supply, storage, conveyance, and treatment. VerdeXchange, in its 15th year, brings together industry leaders and policymakers to discuss developments in the green economy. The conference highlighted how regions can leverage $1.1 trillion in U.S. infrastructure funding for climate infrastructure investments. Kennedy's presentation is available on Cadiz's YouTube channel.
On May 17, 2024, Cadiz announced the availability of its Corporate Overview Investor Call materials on its Investor Relations website. The event, held on May 16, 2024, marked the debut investor presentation by Chairman and CEO, Susan Kennedy, who took over in January 2024. The materials include a webcast replay, an investor presentation, and a full transcript of the call, including a Q&A session. Kennedy introduced Cadiz's diversified water solutions, encompassing water supply, storage, conveyance, and treatment assets. Cadiz, founded in 1983, operates with 45,000 acres of land, 2.5 million acre-feet of water supply, and 220 miles of pipeline assets in California, offering advanced water treatment technology.
Cadiz's subsidiary ATEC Water Systems has been awarded a $5.2 million contract to supply water treatment filtration systems for the Cascade Groundwater Alliance treatment project in Gresham, Oregon. This marks ATEC's 12th successful bid in the last 12 months, reflecting rapid growth in orders due to tightening water quality standards. The contract is expected to increase ATEC's 2024 revenue forecast to $15 million from $12 million.
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