Special Project Delivery (SPD) is pursuing additional acquisitions as it builds an infrastructure platform through its announced combinations with Nasdaq-listed Mobix Labs and Winner Water Services, co-founder and CEO Paul Singarella said.

The Newport Beach, California-based company is evaluating targets in advanced water purification, rare earths, critical minerals, digital infrastructure, and technologies that improve water and energy efficiency, Singarella said.

“We’re interested in reducing the water profile of data centers, and we’re talking to companies that have technologies that can do that,” he said.

The Mobix Labs and Winner Water Services transactions represent the first steps in a broader roll-up strategy SPD has been developing for several years, Singarella said. Winner Water Services will join the National Security Matters (NSM) platform SPD is building alongside Mobix Labs.

“This NSM initiative and our rare earth elements and critical minerals vertical, that’s the future,” he said, adding the former will be produced from American coal ash, what he described as an overlooked national resource, “almost a national defense product.”

Mobix is purchasing SPD, and post-deal and approvals, the intended name of the company will be NSM Labs Inc, Singarella said. The new ticker symbol on the Nasdaq, set to replace MOBX, will be NSML.

SPD expects to complete additional acquisitions over the next 12 to 24 months and already has another preferred target under evaluation, Singarella said. However, he does not expect another deal to close this year.

The company focuses on businesses with experienced management teams, proven technologies and established operations rather than early-stage ventures and “science projects,” he said.

Typical targets are valued at USD 20m–USD 200m and generate annual revenue of USD 5m–USD 25m. Cultural fit is also a key consideration, with SPD favoring management teams interested in remaining with the business and helping build a larger platform, Singarella said.

Most opportunities originate through SPD’s network rather than investment bankers. Due diligence includes reviews of financial performance, projections, technology, permitting requirements, and project-execution risks, he added.

Rare earths remain a priority area as SPD seeks to capitalize on efforts to expand domestic supply chains. Singarella said the partnership with Winner Water Services aligns with that strategy. Immune to the major political party in charge, the CEO said the onshoring effort isn’t “red or blue, but rather red, white, and blue.”

Over the past decade, Winner Water Services and its research partners have received six US Department of Energy and Department of Defense awards totaling USD 53m. The company recently broke ground on a rare-earth extraction demonstration facility in Alabama.

The plant is expected to begin operating in 1Q28 and carry a price tag of about USD 25m, Singarella said. Financing efforts for a commercial-scale facility are progressing in parallel. Such a plant could require between USD 2bn and USD 4bn of capital, he said.

SPD believes its project-finance, development, and execution capabilities can help portfolio companies move from pilot projects to large-scale commercialization by pairing technical operators with access to capital and infrastructure expertise, Singarella said. That’s where SPD’s expertise shines through, he added.

“We’re kind of like a catalyst in that we help them move things along,” the CEO said.

To support its growth plans, SPD has been holding discussions with three banks interested in the platform being assembled around SPD, Mobix Labs and Winner Water Services. Singarella declined to identify the lenders but said the relationships have developed over several months.

He also declined to disclose financial metrics, but described SPD’s balance sheet as conservative and said the company has avoided taking on significant debt.

On 24 September, Mobix announced that it is on track to exceed the midpoint of its fiscal fourth-quarter 2026 revenue guidance. Mobix now expects revenue to exceed the USD 1.6m midpoint, which represents a greater than 100% sequential increase. The midpoint figure is from previously issued guidance of USD 1.4m–USD 1.8m.

Mobix also expects a substantial sequential increase in gross margin percentage, reflecting higher production volumes and a stronger product mix, the company announced. Growth is broad-based across the company’s wireless systems and connectivity businesses, supported by continued strength in military and defense demand.

SPD is advised by Holland & Knight for legal counsel.

Singarella previously practiced law as a partner at Latham & Watkins, where he worked on large-scale water and energy infrastructure projects. SPD’s other co-founder is CFO John Dewey.