Welcome to our dedicated page for Cadiz news (Ticker: CDZIP), a resource for investors and traders seeking the latest updates and insights on Cadiz stock.
About Cadiz Inc.
Cadiz Inc. (NASDAQ: CDZI / CDZIP) is a California-based water solutions company dedicated to addressing the critical challenges of water scarcity and climate change through innovative and sustainable practices. Founded in 1983, the company owns over 45,000 acres of land in the Mojave Desert, underpinned by a vast aquifer system containing an estimated 30-50 million acre-feet of water. This aquifer system, larger than Lake Mead, positions Cadiz as a pivotal player in securing water resources for Southern California and beyond.
Core Business Areas
- Water Supply and Storage: Cadiz operates one of the largest groundwater banking projects in the Southwestern U.S., the Mojave Groundwater Bank. This project captures and conserves groundwater that would otherwise evaporate, providing a sustainable water supply for underserved and disadvantaged communities.
- Pipeline Infrastructure: With 220 miles of existing pipeline assets and plans to incorporate 180 miles of repurposed steel pipe from the Keystone XL project, Cadiz is creating an extensive water transportation network to connect its groundwater bank to major water systems in California.
- Water Treatment Solutions: Through its subsidiary, ATEC Water Systems, LLC, Cadiz offers specialized filtration systems that address contaminants such as iron, manganese, arsenic, and nitrates, ensuring access to clean and safe drinking water for communities nationwide.
- Renewable Energy Integration: Cadiz is partnering with RIC Energy to develop California's largest green hydrogen facility at its Mojave Desert site. This initiative leverages solar energy and water resources to produce renewable hydrogen, supporting zero-emission transportation and energy independence.
Strategic Partnerships and Community Impact
Cadiz is deeply committed to fostering partnerships that promote environmental justice and community development. The company collaborates with Native American tribes, such as the Lytton Rancheria of California, to ensure equitable access to water resources and empower indigenous communities. Additionally, Cadiz's "One Water" initiative in San Bernardino County exemplifies its dedication to integrated water management strategies that benefit both local ecosystems and growing populations.
Competitive Advantages
- Unique Water Assets: The company's extensive land holdings and aquifer system provide a renewable and scalable water supply unmatched in the region.
- Innovative Technologies: ATEC's advanced water treatment solutions and the integration of green hydrogen production demonstrate Cadiz's commitment to cutting-edge, sustainable practices.
- Strategic Location: Situated at the crossroads of major transportation infrastructure, Cadiz's facilities are ideally positioned to serve California's water and energy needs efficiently.
Industry Significance
As climate change intensifies water scarcity in the Southwestern United States, Cadiz Inc. stands out as a leader in providing sustainable water solutions. The company's holistic approach—combining water supply, storage, treatment, and renewable energy—addresses both immediate and long-term challenges. By aligning its operations with environmental and community-focused values, Cadiz is not only meeting critical water needs but also setting a benchmark for responsible resource management in the 21st century.
Cadiz Inc. (NASDAQ: CDZI, CDZIP) has priced a registered direct offering of 10.5 million shares of common stock, raising approximately $40.32 million. This offering, led by major shareholders Heerema IGS and Odey Asset Management, aims to accelerate the development of clean water supply projects in California and reduce company debt. Net proceeds, estimated at $38.5 million, will be used to fund capital expenditures, repay $15 million of existing debt, and support additional water resources. The offering is set to close on or around February 2, 2023.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) has declared a cash dividend of $560.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock. This dividend will be paid on January 17, 2023, to shareholders on record as of January 4, 2023. For holders of depositary shares, each representing a 1/1000 fractional interest in a share of Series A Preferred Stock, the cash dividend is approximately $0.56 per share. The company continues to pursue its mission of sustainable water management in California.
Cadiz Inc. (NASDAQ: CDZI, CDZIP) has announced a registered direct offering of 5 million shares, raising a total of $10 million. Heerema International Group Services, the largest equity shareholder, contributed $3.6 million to this offering. The proceeds will be used for the Cadiz Water Conservation and Storage Project and to deploy water filtration systems acquired from ATEC Systems. Following the offering, Heerema will own approximately 35.4% of Cadiz's outstanding stock. The offering is expected to close on November 14, 2022.
Cadiz Inc. (NASDAQ: CDZI, CDZIP) has announced the acquisition of ATEC Systems, a provider of advanced groundwater filtration systems. This strategic move aims to diversify Cadiz's clean water solutions and enhance access to affordable drinking water in underserved California communities. The acquisition is expected to close soon, with ATEC continuing to operate under its name. Cadiz's flagship project captures surplus groundwater to mitigate evaporation, ultimately providing clean water to millions. ATEC's proven technology addresses significant groundwater contamination challenges, further aligning with Cadiz's mission.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) has announced a cash dividend of $550.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock. Holders of depositary shares (NASDAQ: CDZIP) will receive approximately $0.55 per depositary share. The dividend is set to be paid on October 14, 2022, to shareholders on record as of October 4, 2022. Cadiz is focused on sustainable water solutions in California, with projects aimed at supplying water for 400,000 people annually by utilizing innovative groundwater management.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) is set to start construction on three new groundwater wells at Cadiz Ranch in October 2022, increasing its wellfield capacity to 36,000 acre-feet per year, a 33% boost from current capacity. An engineering study for the Northern Pipeline Project, which aims to convert an existing oil and gas pipeline to transport water, is complete. This pipeline can deliver approximately 25,000 acre-feet of water uphill to Barstow and 30,000 acre-feet downhill for storage. The project aims to address water scarcity in California.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) announced a public-private partnership to provide 5,000 acre-feet of water annually for 50 years to the Salton Sea Authority and the Torres Martinez Tribe. This initiative includes financing of up to $5 million for water infrastructure improvements on tribal lands. The agreement aims to mitigate water scarcity in California through the Cadiz Water Conservation and Storage Project, adapting existing oil pipelines for water conveyance to benefit disadvantaged communities.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) has declared a cash dividend of $560.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock, payable on July 15, 2022, to holders of record as of July 1, 2022. Additionally, depositary shares representing a 1/1000 fractional interest in a share will receive approximately $0.56 per share. This dividend reflects Cadiz's commitment to returning value to its shareholders while focusing on sustainable water and agricultural solutions in California.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) will participate in the B. Riley Securities 22nd Annual Institutional Conference on May 25-26, 2022, in Beverly Hills, California. CEO Scott Slater and Executive Chair Susan Kennedy will deliver a corporate overview during a fireside chat on May 26 at 8:10 A.M. PT, and will meet with investors throughout the conference. The B. Riley event is a key platform for over 200 companies and 1,000 attendees to engage in investment discussions. A presentation will be available post-conference on Cadiz's website.
FAQ
What is the current stock price of Cadiz (CDZIP)?
What is Cadiz Inc.'s primary business?
What is the Mojave Groundwater Bank?
What is ATEC Water Systems?
How does Cadiz support renewable energy?
Who are Cadiz Inc.'s key partners?
What challenges does Cadiz address?
How does Cadiz contribute to environmental justice?
What is Cadiz's role in water infrastructure development?
