Cadiz

Cadiz subsidiary Fenner Gap has signed major construction contracts for the Northern-Pipeline rebuild project totaling about $403.3m. The contracts follow the "Construction Manager at Risk" model with guaranteed maximum prices for pump stations, pipe replacements and main construction packages, and include a profit-sharing mechanism to lower costs. The U.S. Bureau of Land Management on July 10 granted a right-of-way for construction and operation across BLM lands; Cadiz has submitted the required documentation and bonds. For financing, the company is seeking equity, municipal bonds and federal funds and has already filed a WIFIA financing request for up to $194m. » More on de.investing.com

Cadiz and RIC Energy signed a memorandum of understanding to develop solar facilities on the Cadiz Ranch and to assess infrastructure for green hydrogen in the Mojave Desert. RIC is to supply solar power to support the agricultural operations, and the partners will evaluate site selection, permitting and construction of transport infrastructure using the 220‑mile Northern Pipeline corridor. The agreement foresees negotiating a power purchase agreement and jointly planning production, storage and delivery of hydrogen to regional customers. » More on de.investing.com

The US Bureau of Land Management (BLM) granted Cadiz a 50-year right-of-way to convert the 220-mile Northern Pipeline from natural gas to a water pipeline under FLPMA. The pipeline is intended to transport water from the Mojave Groundwater Bank to communities in the High Desert and Inland Empire and could deliver up to 25,000 acre-feet annually, with an option to expand. Cadiz announced the start of construction and is working on project financing; the company recently reported 31% revenue growth but remains unprofitable despite a current ratio of 1.88. The stock fell 31% over six months to $3.99. » More on de.investing.com