Cadiz purchasing 180 miles of new pipeline assets

Cadiz (CDZI) has entered into an agreement to purchase 180-miles of steel pipe from the terminated Keystone XL Pipeline Project. The company plans to use the steel pipe for the construction of a pipeline network connecting the company’s groundwater bank in the Mojave Desert to major water networks in the Southwestern U.S. The 180 miles of new steel pipe will be added to the company’s portfolio of pipeline assets, including 220 miles of existing pipeline acquired by the company from El Paso Natural Gas in 2021. The 180 miles of new steel pipe will be used to expand the company’s pipeline network creating the largest new groundwater bank in the Southwest. The company plans to begin construction in 2025.