Cadiz signs letter of agreement with a lead investor for an investment of up to $175 million in mojave groundwater bank project

Los angeles , march 4, 2025 /prnewswire/ -- cadiz, inc. (nasdaq: cdzi) (the "company" or "cadiz") announced today that the company has entered into a letter of agreement ("loa") with a lead investor to invest up to $175 million in the mojave groundwater storage company, llc ("mgsc"), a new entity established by cadiz for purposes of construction, ownership, and operation of cadiz's groundwater banking project in the mojave desert (the "mojave groundwater bank") and related projects. under the terms of the loa, the investor, a publicly traded company focused on investing in water infrastructure projects, will act as lead investor (the "lead investor") in the newly formed mgsc, and will invest up to $175 million in the mgsc.
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