Cadiz is a water solutions company based in California's Mojave Desert. Its core asset is the Mojave Groundwater Bank — a permitted project to conserve and supply up to 50,000 AFY of groundwater from a large desert aquifer beneath the ~46,000-acre Cadiz Ranch in San Bernardino County. The aquifer holds an estimated 30–50 million acre-feet of water and is also permitted to store up to 1 million acre-feet of imported water underground. Cadiz's primary customers are public water agencies and municipalities in Southern California that lack direct access to major state water systems. Under the long-term business model, water agencies sign take-or-pay contracts (up to 50 years) to purchase annual water supply at ~$850/AFY, while storage capacity is priced at ~$1,500–$3,000 per acre-foot plus annual maintenance fees. The project requires $1.25–$1.5B in infrastructure investment, which Cadiz is financing through a newly formed entity, Mojave Water Infrastructure Company, funded by private equity, federal loans, municipal bonds, and grants. As of FY25, Cadiz has signed supply agreements for roughly 21,000 AFY, with pipeline construction expected to begin in 2026. In the near term, Cadiz generates most of its operating revenue through ATEC Water Systems, a subsidiary that manufactures modular groundwater filtration equipment sold to municipalities and utilities across the U.S. and internationally, with ATEC benefiting from tightening federal and state water quality regulations around PFAS and Chromium-6.