Cadiz and Lytton Rancheria Forge $51 Million Investment Agreement for Mojave Groundwater Bank Project
Cadiz and Lytton Rancheria Make History with $51 Million Investment Agreement
In a significant decision aimed at promoting sustainable water management, Cadiz Inc. (NASDAQ: CDZI) has signed a definitive agreement with the Lytton Rancheria of California. This partnership will supply a crucial $51 million in funding, constituting part of a long-term project to develop the Mojave Groundwater Bank, anticipated to be the Southwest's largest groundwater storage and supply initiative.
Background and Project Overview
The Mojave Groundwater Bank project is designed as a vital resource amid California's ongoing battle with water scarcity. Historically, tribes have played a pivotal role in water conservation and management, and this partnership represents the first major tribal investment in the project. With Cadiz's commitment of up to $450 million in total equity capital, organized through the Mojave Water Infrastructure Company, LLC, this endeavor aims to transform water resource management in the state and beyond.
Topics General Business）
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