Cadiz, Inc. (NASDAQ: CDZI) and RIC Energy have signed a Memorandum of Understanding to develop on-site solar facilities at Cadiz Ranch in California's Mojave Desert, while expanding a previously announced collaboration on green hydrogen development.

The MOU builds on a strategic partnership the two companies launched in October 2024 focused on green hydrogen production at Cadiz Ranch. Under the new agreement, RIC Energy will develop solar facilities to power Cadiz's agricultural operations as the first phase of an integrated renewable energy platform. The companies will also jointly plan infrastructure to support future hydrogen production, storage and delivery.

The agreement establishes a framework for the companies to negotiate a definitive power purchase agreement for electricity generated by the new solar facilities. It also provides for evaluation of electrical infrastructure and transmission systems needed to integrate solar generation with future hydrogen production.

As part of the MOU, the companies will assess the feasibility of siting, permitting and constructing hydrogen transportation infrastructure, including pipelines, within Cadiz's existing 220-mile Northern Pipeline corridor in San Bernardino County.

"Our partnership with RIC demonstrates how renewable energy and low-carbon fuels can power the next generation of water infrastructure," said Susan Kennedy, Chairman and Chief Executive Officer of Cadiz.

The announcement follows two recent developments related to Cadiz's Mojave Groundwater Bank project. The U.S. Bureau of Land Management approved a new right-of-way grant for Cadiz's 220-mile Northern Pipeline, permitting its conversion from natural gas service to water conveyance. Separately, San Bernardino County and Fenner Gap Mutual Water Company formed the San Bernardino Water and Power Authority to support financing and development of regional water and energy infrastructure projects.

Cadiz owns approximately 45,000 acres of land and 220 miles of pipeline assets in California's Mojave Desert. RIC Energy North America, a subsidiary of a company founded in Spain in 2005, is a renewable energy developer with solar, energy storage and green hydrogen projects across North America.