09:39 AM EDT, 06/20/2025 (MT Newswires) -- Cadiz (CDZI) said Friday that it signed a memorandum of understanding with Hoku Energy and its affiliates for the development of a clean energy campus at the Cadiz Ranch in California's Mojave Desert.

The deal gives Hoku Energy a three-year exclusive option to develop the project, which could include green hydrogen production facilities, battery storage facilities, and integrated digital infrastructure on the leased property, according to Cadiz.

Cadiz said the Hoku deal is its second prospective land lease for clean energy development and it expects the clean energy and digital infrastructure projects at the Cadiz Ranch to generate $7 million to $10 million in lease revenue and water supply sales annually.

Cadiz shares were up 1.5% in recent early trading.

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