Tapping gas pipeline infrastructure allows
Cadiz to replace diesel engines, improve reliability and cut carbon
emissions with solar-hybrid microgrids.
LOS
ANGELES, Oct. 24, 2023 /PRNewswire/ -- Cadiz, Inc.
(NASDAQ: CDZI/CDZIP) announced today that the Company has entered
into a long-term contract with El Paso Natural Gas Company, L.L.C.
("EPNG") to install a tap on their natural gas pipeline, which runs
through the Cadiz Ranch property in the California eastern Mojave Desert. The gas tap
will allow Cadiz to replace diesel engines with natural gas engines
to power the Company's groundwater wellfield, pump stations and
related facilities for its agriculture operations and the Cadiz
Water Conservation, Supply and Storage Project ("Cadiz Project").
The high efficiency gas engines are expected to be integrated into
solar-hybrid microgrids able to reduce energy costs, cut carbon
emissions, and provide 100% uptime reliability for the Company's
water supply and storage operations. The tap is expected to deliver
new gas power to Cadiz by Q4 2024.
Earlier this year, the Company announced the selection of Scale
Microgrids ("Scale") to develop clean energy microgrids for
facilities of the Cadiz Project. Cadiz currently operates one of
the largest farming operations in San
Bernardino County managing a groundwater basin using diesel
generators to power the off-grid groundwater wellfield that spans
across thousands of acres. The solar-hybrid microgrids designed by
Scale for Cadiz will combine ground mount Solar PV, battery
storage, and advanced, high-efficiency distributed generation that
can lower energy costs by more than 30%, provide 100% uptime
reliability and cut carbon emissions by more than 75%.
About Cadiz, Inc.
Founded in 1983, Cadiz, Inc.
(NASDAQ: CDZI) is a California
water solutions company dedicated to providing access to clean,
reliable and affordable water for people through a unique
combination of water supply, storage, pipeline and treatment
solutions. With 45,000 acres of land in California, 2.5 million acre-feet of water
supply, 220 miles of pipeline assets and the most cost-effective
water treatment technology in the industry, Cadiz offers a full
suite of solutions to address the impacts of climate change on
clean water access.
For more information, please visit www.cadizinc.com.
FORWARD LOOKING STATEMENT: This release contains
forward-looking statements that are subject to significant risks
and uncertainties, including statements related to the future
operating and financial performance of the Company and the
financing activities of the Company. Although the Company
believes that the expectations reflected in our forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Factors that could cause
actual results or events to differ materially from those reflected
in the Company's forward-looking statements include the Company's
ability to maximize value for Cadiz land and water resources, the
Company's ability to obtain new financing as needed, the receipt of
additional permits for the water project and other factors and
considerations detailed in the Company's Securities and Exchange
Commission filings.
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SOURCE Cadiz, Inc.