$50 million investment in Mojave groundwater project in California expands 30 million acre-feet storage
(UI) — Cadiz Inc. and the Lytton Rancheria of California have signed a Letter of Intent for Lytton to invest up to $50 million in the Company's groundwater banking project in the Mojave Desert (Mojave Groundwater Bank).
Lytton's investment would be the first major investment by a Native American Tribe in large-scale water infrastructure off tribal lands in U.S. history. With 2.5 million acre-feet of new water supply and an estimated 30 million acre-feet of water in storage today, the Mojave Groundwater Bank will be the largest new groundwater bank in the Southwest.
The partnership between Cadiz and Lytton signifies a landmark collaboration in water resource management, with Tribes holding a majority ownership stake in the Mojave Groundwater Bank. This ownership structure empowers Indigenous communities to play a leading role in decision-making and investment in vital water projects.
Lytton Tribal Chairperson Andy Mejia stated, "As a Tribal Government, we take our responsibility to be good stewards of the land and the environment seriously. Working with other Tribal Governments, Cadiz and other responsible environmental investors to develop a sustainable, responsibly managed water source in these shifting times is something we want to be involved in. With Tribal involvement in the direction and operation of this project, we can ensure that all people have a chance to benefit from this critical water resource."
Cadiz CEO and Chairperson of the Board Susan Kennedy also stated, "We are proud and honored to create this groundbreaking partnership with Lytton to develop this important project for the benefit of underserved and indigenous communities. Access to clean water will be the single greatest challenge many communities in California and the Southwest face in the coming decades. We are grateful for the chance to be part of the solution."
The Mojave Groundwater Bank is a clean water infrastructure project being developed by Cadiz in California's Mojave Desert. The groundwater bank at Cadiz is located at the base of a 2,000 square mile watershed system fed by rain and snow in the high desert New York and Providence mountains. The underground reservoir holds an estimated 30 - 40 million acre-feet of water in storage today – more water than is presently stored in Lake Mead and Lake Powell, the two largest surface reservoirs in the United States, combined.
The Mojave Groundwater Bank is expected to include more than 300 miles of pipelines that intersect California's water transportation network to provide new clean water supply and storage resources to underserved, disadvantaged and tribal communities in the Mojave River Basin, the Colorado River Basin and California's Inland Empire that presently lack access to clean, reliable water.
Cadiz anticipates construction of the Project to begin in 2025 with initial water delivery targeted for as early as 2026.
For additional details regarding the LOI with Lytton Rancheria of California, please refer to the Company's Current Report on Form 8-K filed with the SEC today, November 25, 2024.
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