Hi Steve!
I nearly jumped out of my office chair when I saw the lovely pair of carbon-fiber mudguards Thorn once offered as an option for the eXp, shown on an eBay bike here:
http://www.ebay.co.uk/itm/THORN-ROHLOFF-EXP-BICYCLE-/221355651646?_trksid=p2047675.l2557&ssPageName=STRK%3AMEWAX%3AIT&nma=true&si=VUXZAvGaX1eLBY%252BllAYi17QCIEI%253D&orig_cvip=true&rt=ncThis may sound a bit extreme, but have you considered laying-up a pair yourself using carbon weave and resin?
It is not as hard as it seems, and the nature and purpose of mudguards means they don't have to be optimally compacted or low-void moldings, so the procedure is basically the same as a fiberglass layup. The main thing is to get the resin pushed deeply into the roving, then cure. Not a bad winter's project if you're up for it, and the inside of a pair of standard 'guards can be used as a mold, provided you remove the brackets, plug the holes, and then coat generously with a release agent.
There's a variety of kits available (one example:
http://www.carbonfiberglass.com/Starter-Kits ) and the raw materials aren't terribly expensive. Just Google "make your own carbon fiber parts" (no quotes) and you'll see many tutorials and resources. So long as it is a non-structural item, you can make pretty much anything. At one time, I pondered making molded luggage or water carriers that would fit in otherwise "wasted" frame-space, say between the rear mudguard and the seat tube. In the end, I found panniers had enough capacity, but it would certainly make a nice project.
I've done caravan (travel trailer) roof vents out of fiberglass and did a complete layup and molding of mudguards for my little Folder project using liquid ABS and molds after seeing similar offered by local maker Bike Friday. Both projects turned out nicely with smooth finishes, but they took a lot of time and sanding and finishing to get to my standards. Given the work I went to, it is little wonder the mudguards for my small-wheeled recumbent project are simply recurved SKS CHromoplastics, which can be reshaped easily using a heat gun and are a durable, lightweight solution for a reasonable price.
In closing, it is also possible to skin existing products in real carbon fiber if weight isn't a big consideration. Here's a video tutorial:
http://www.youtube.com/watch?v=6rTWaV1imzs Carbon-look vinyl sheeting is inexpensive, and available from a number of vendors, including this one:
http://www.metrorestyling.com/3M-Scotchprint-1080-Carbon-Fiber-Vinyl-Wrap-p/3m1080-cf12.htm If you use Chromoplastics as a base, do be aware there may be issues with their cellulose-based plastics, which can go "soft" when exposed to some chemicals.
Best,
Dan.