Cadiz secures option to buy 180 miles of Keystone XL pipe for $5M; plans groundwater bank

CADIZ INC

Purchase option for 180 miles of steel pipe from terminated Keystone XL Pipeline; initial $5M payment secures exclusive option until Nov 2026, extendable to Nov 2027.
Exercise price of $155 per linear foot; credits reduce purchase price by up to $6.8M depending on exercise timing.
Pipe to be used for Mojave Groundwater Bank pipeline network; construction targeted for 2025.
Company already owns 220 miles of pipeline from El Paso Natural Gas acquisition in 2021.
In Oct 2024, Cadiz signed LOI for up to $150M from non-profit fund; total project estimated at $800M with $401M equity.

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