The race to secure domestic critical minerals supply chains reached a new milestone as Special Project Delivery (SPD) executed a definitive merger agreement with Winner Water Services.
This strategic consolidation directly integrates Winner Water's rare earth element (REE), alumina and scandium recovery technology into the National Security Matters (NSM) platform, an initiative spearheaded by Mobix Labs, a technology provider for the aerospace, defense and communications industries.
By uniting SPD's infrastructure expertise with Winner Water's extraction capabilities, the NSM platform addresses a core vulnerability in US strategic defense: heavy reliance on foreign critical minerals supply chains.
Key takeaways for defense and infrastructure investors
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Platform integration:The transaction incorporates Winner Water into the broader Mobix Labs/SPD defense-tech ecosystem, designed to strengthen US national security and industrial resiliency.
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Capital efficiency & validation:Backed by US$53 million in federal grants from the Department of Energy and Department of Defense over the past decade, Winner Water's process carries significant non-dilutive validation.
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Commercialization timeline:Construction began in August 2026 on a demonstration facility at the National Carbon Capture Center in Wilsonville, Alabama, setting Winner Water up for near-term deployment milestones.
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Regulatory advantage:Winner Water utilizes a proprietary metallurgical process to extract high-value minerals from coal combustion residuals, a readily available feedstock.
Competitive positioning in domestic mineral security
What sets Winner Water apart within the domestic REE landscape is its feed material strategy. Rather than relying on traditional, heavily regulated mining operations, the company leverages abundant coal combustion ash. Combined with its permit-independent recovery technology, this approach grants the company a distinct first-mover advantage in commercial-scale critical minerals production.
Transaction structure and path to closing
The integration of Winner Water is structured to close in alignment with the proposed business combination between Mobix Labs and SPD. Execution of the agreement remains subject to customary closing conditions, including shareholder approvals from both Mobix Labs and Winner Water.
If completed, the combined NSM ecosystem creates a vertically integrated platform linking advanced defense technology, critical infrastructure and mineral supply chains under a single strategic umbrella.
Leadership commentary
"Winner Water, with Chief Executive Officer Karen Winner Sed at the helm, has distinguished itself from the pack. Karen has kept a technically demanding company funded, focused and advancing for more than a decade, and built a team that two federal agencies have chosen to back over and again," Paul Singarella, Chief Executive Officer of SPD, said in Monday's news release. "We have worked alongside Karen, Winner President Todd Beers, and the rest of the Winner team for several years, complementing each other's strengths and building toward this combination, and we are thrilled to reach this milestone with them. Together, we are at the center of addressing the nation's current dependence on foreign sources and supply chains to meet its critical minerals demands."
"I am very proud to be carrying forward my dad's legacy, the building of our Winner Water team and the critical minerals expertise that team has gained over the last decade," Winner Sed added, paying respects to her father, Jim Winner, whose legacy of business development includes Winner Water and The Club, the famed anti-theft steering wheel lock. "The timing is now to position Winner to meet the capital requirements needed for our infrastructure build. Combining with Paul and Special Project Delivery is our next giant step towards achieving that objective and fulfilling my dad's vision."
About Mobix Labs
Mobix Labs is a US-based company specializing in electronic components and connectivity solutions for mission-critical industries, including defense, aerospace and communications.
Shares of Mobix Labs (NASDAQ:MOBX) are down by 22.17% trading at US$0.66 as of 1:05 pm ET.
