October 6, 2026 - Coal ash’s potential as a domestic source of critical minerals is central to a proposed transaction involving Pennsylvania-based Winner Water Services.

Special Project Delivery announced October 5 that it signed a business combination agreement with Winner Water, which has developed a process to recover rare earth elements, scandium and alumina from coal ash impoundments.

The technology targets materials left behind after coal combustion, offering an opportunity to recover valuable minerals from existing deposits.

Winner operates a pilot plant in Sharon, Pennsylvania, and is building a rare earth extraction demonstration facility at the National Carbon Capture Center in Wilsonville, Alabama. Groundbreaking took place in August.

According to the announcement, Winner and its research partners have received six consecutive Department of Energy and Department of Defense awards totaling $53 million over the past decade.

The September 30 agreement would bring Winner into Special Project Delivery’s National Security Matters platform, being assembled through a separate proposed combination with Mobix Labs.

Completion remains subject to shareholder approvals, securities-registration requirements, Nasdaq requirements and other closing conditions.

The announcement did not specify commercial production capacity or a startup date for the Alabama demonstration plant.