Hydrogen facility at Cadiz Ranch site to
use 100% solar power to produce 50 tons of green hydrogen per day
to fuel zero-emission trucks, cars and electricity
LOS
ANGELES, Oct. 23, 2024 /PRNewswire/ -- Cadiz, Inc.
(NASDAQ: CDZI / CDZIP), a California water solutions company, and RIC
Energy, a global renewable energy company, announced today they
have entered into an agreement to build California's largest green hydrogen facility
at Cadiz Ranch in the Mojave Desert. Under the agreement, Cadiz
will supply land and water to RIC Energy for the creation of
industrial quantities of 100% green hydrogen using solar energy.
Rail lines, pipelines and interstate highways that intersect Cadiz
Ranch will deliver green hydrogen to Southern California markets to fuel
zero-emission trucks, cars and electric generation.
"Cadiz is proud to partner with RIC to bring this important new
clean energy facility online," said Cadiz CEO Susan Kennedy. "Cadiz sits at the crossroads of
major rail, pipeline, and highway infrastructure in California's Inland Empire with thousands of
acres for solar and an aquifer system larger than Lake Mead. It is
the ideal location for green hydrogen production - the largest
hydrogen production facility in California."
RIC Energy chose the Cadiz area for its first US facility after
a six-month diligence process that evaluated several locations
across the state. Plans call for a self-sufficient, integrated,
off-grid green hydrogen production facility utilizing photovoltaic
(PV) solar for its power supply on up to 3,000 acres of the Cadiz
Ranch. The new facility is expected to feature a combination of
state-of-the-art technologies to create green hydrogen, complying
with the strictest regulations of IRA's Section 45V, using on-site
Cadiz water resources and fully renewable electricity generated
from a local solar array. Cadiz will supply up to 500 acre-feet of
water per year for hydrogen production. Cadiz, in turn, will be
able to use green hydrogen and solar to power its water supply and
groundwater banking operations.
"This is an exciting opportunity for RIC Energy," said
Jonathan Rappe, CEO of RIC Energy
North America. "We have clean energy facilities in 14
countries on four continents, but this partnership with Cadiz is
unique. In a single location that is close to roads, train lines
and pipelines we have all the water, land and sun right at hand to
build and operate what will be one of the world's largest
self-sufficient green hydrogen facilities to date."
When operating at full capacity, the clean energy facility will
produce 50,000 kilograms of hydrogen per day to fuel zero-emission
trucks and cars, as well as be able to supply to many other
California industries currently
using fossil hydrogen. Plans call for on-site electricity storage
along with equipment to compress and liquefy the hydrogen for rail
or road transportation. The site at Cadiz is also ideal for
possible future hydrogen pipelines serving the Los Angeles region. The hydrogen can also be
blended locally with natural gas for transport via on-site and
nearby existing gas transmission pipeline networks, with the
objective of serving California's
burgeoning hydrogen market and meeting California's mandate to deliver 90% clean
electricity by 2035.
California is one of seven
awardees of the Department of Energy's Regional Clean Hydrogen
Hubs (H2Hubs). That designation is supported by a landmark
$12.6 billion
agreement, including $1.2
billion in federal funding, to build and expand the
production of renewable hydrogen in California with all possible speed and will be
managed by ARCHES, the Alliance for Renewable Clean Hydrogen Energy
Systems, a California
public-private partnership. RIC Energy's project at Cadiz is
a Tier 2 ARCHES project.
According to ARCHES, its projects are expected to
create over 200,000 green jobs in California and are forecast to generate
$2.95 billion per year in economic
value beginning in 2030, including significant health and
healthcare cost savings from reduced pollution.
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 RIC Energy
RIC Energy is a clean energy company
focused on delivering community and utility scale generation and
storage projects throughout North
America. Founded in 2005, RIC Energy is committed to
accelerating the region's clean energy shift by offering cleaner,
more environmentally friendly, efficient and innovative energy
solutions. Visit https://www.ric.energy for more
information.
Forward-Looking Statements
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"anticipates", "expect", "may", "plan", or "will". Forward-looking
statements include, without limitation, projections, predictions,
expectations, or beliefs about future events or results and are not
statements of historical fact, including statements regarding the
Company's expectation that the RIC Energy hydrogen facility will be
permitted, constructed and operated on Cadiz property in the Mojave
Desert, along with the expected related benefits. Although the
Company believes that the expectations reflected in our
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct. Factors that could
cause actual results or events to differ materially from those
reflected in the Company's forward-looking statements are detailed
in the Company's Securities and Exchange Commission filings,
including our Annual Report on Form 10-K for the year ended
December 31, 2023 and subsequent
quarterly and current reports. We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
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SOURCE Cadiz, Inc.