Special Project Delivery, Inc. ("SPD") today announced it has entered into a definitive Business Combination Agreement, dated September 30, 2026, with Winner Water Services Inc. ("Winner"), a revenue-generating U.S. rare earth company, under which Winner will join the National Security Matters (NSM) platform SPD is assembling with Mobix Labs, Inc. (NASDAQ:MOBX).
SPD is itself party to a definitive agreement with Mobix Labs, announced August 13, 2026, to combine the two companies as part of Mobix Labs’ NSM initiative, which focuses on U.S. national security priorities across defense and aerospace electronics, advanced RF sensing subsystems, rare earth elements and critical minerals, and energy and critical infrastructure. Winner is the first operating company to join that platform through SPD.
Winner is a Sharon, Pennsylvania-based company formed in 2013 as a joint venture with a leading national research institute. It has developed and demonstrated a proprietary metallurgical process that recovers rare earth elements, scandium, and alumina from coal ash impoundments — a domestic stockpile that has already been mined, is readily accessible, and has first mover advantage over any new source of domestic REE. Winner does not need to wait for permits, or open a new mine, to produce critical minerals.
The transaction is expected to close in connection with SPD’s combination with Mobix Labs, subject to approval by the stockholders of Winner and Mobix Labs, effectiveness of a registration statement covering the shares to be issued, applicable Nasdaq listing requirements, and other customary conditions.
Ten years of federal funding, awarded in sequence
Winner stands out from the broader, critical-minerals field due to its ground-up, decadal commitment to rare earth processing expertise and its record of success in so doing. Over ten years, Winner and its research partners have received funding from the Department of Energy and the Department of Defense through six consecutive awards totaling $53 million, with no gap year — each award building on the prior’s highly favorable outcomes. In August 2026, with federal funding, Winner broke ground on its rare earth extraction demonstration plant at the National Carbon Capture Center in Wilsonville, Alabama. (For more information on these awards, see Special Project Delivery, Inc.)