Cadiz Signs Second MOU for Hydrogen - Solar Development at Cadiz Ranch

Clean energy and digital infrastructure projects at Cadiz expected to generate $7-$10 million per year in lease revenue and water supply sales, in addition to supporting sustainable water and farming operations and data center development.

CADIZ, Calif., June 20, 2025 /PRNewswire/ -- Cadiz Inc. (NASDAQ: CDZI) announced today that it has entered into a Memorandum of Understanding with UK-based Hoku Energy Limited and its affiliates (the "MOU" or "agreement") to develop a major clean energy campus at Cadiz Ranch in California's Mojave Desert. The MOU with Hoku represents the second prospective land lease for clean energy development that the company has executed within the past year and furthers the company’s commitment to sustainable development of its land and water assets.

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The MOU provides Hoku Energy with a three-year exclusive option to develop the project on more than 10,000 acres at Cadiz Ranch. The Hoku project could include green hydrogen production facilities, large-scale renewable and low carbon power generation, large-scale battery storage facilities, and integrated digital infrastructure, such as data centers, on the leased property or integrated with facilities off the leased property.

The agreement does not restrict existing and planned commercial development at Cadiz, including current agricultural operations, development of the Mojave Groundwater Bank, development of a **green hydrogen production facility in partnership with **RIC Energy and reserves 400 acres for additional commercial development which could include a data center. Under the agreement, if a data center is developed within this 400-acre area, Hoku Energy will have a right of first refusal to supply power to that facility.

"This agreement with Hoku Energy is the capstone of our long-term land use strategy," said Susan Kennedy, Chair of Cadiz Inc. "Hoku Energy's vision aligns with our mission to support sustainable, scaled development of critical energy and water infrastructure in California and the Southwest."

The Cadiz property's extensive infrastructure—including access to rail lines, water resources, and pipelines and pipeline corridors—makes it well suited for large-scale, integrated renewable energy and data center development. The agreement with Hoku complements Cadiz's development of its flagship water supply and storage project, the Mojave Groundwater Bank, and follows Cadiz's 2024 agreement with RIC Energy to develop up to 3,000 acres for green hydrogen production. Together, the RIC and Hoku projects are expected to position Cadiz Ranch as one of the largest clean energy campuses and green hydrogen production hubs in North America.

Additional details about the MOU are included in a Current Report on Form 8K filed by Cadiz today with the SEC.

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 filtration 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 https://www.cadizinc.com.

About Hoku Energy Limited UK

Hoku Energy, via its subsidiaries in Japan, Taiwan, Singapore, India and the United States, is developing advanced clean energy and infrastructure projects, and the required zero and low carbon fuel supply chains for those, in support of the decarbonization initiatives of countries and large corporations across the globe. Its power and infrastructure solutions are capable of flexible operations, and either grid connected or stand alone.