Defence and dual-use technology company Mobix Labs Inc (Nasdaq:MOBX) announced on Thursday that it has signed a non-binding letter of intent to acquire Special Project Delivery LLC (SPD), a strategic infrastructure platform building sovereign US supply chains for rare earth elements, critical minerals, and energy storage.

The proposed transaction is intended to position Mobix Labs within strategic US defence, national security, and AI-related industrial supply chains.

SPD, founded in 2019, is building domestic critical minerals infrastructure aligned with federal initiatives including Project Vault, the Defense Production Act, and the DOE Loan Programs Office. Its operations include recovering rare earth elements from domestic feedstock such as legacy coal ash, using extraction technologies validated by US defence research partners and aligned with the US Departments of Energy and Defense.

Paul Singarella, co-founder and CEO of SPD, said the combination would align sovereign materials and infrastructure capabilities with a publicly traded defence and dual-use technology company serving defence and aerospace ecosystems.

The letter of intent is non-binding and subject to due diligence and negotiation of definitive agreements, and there is no assurance that a transaction will be completed.