Dover Precision Components Opens Innovation Lab

Rhea-AI Summary

Dover Precision Components, part of Dover (NYSE: DOV), has opened a new Innovation Lab to enhance product development and support the green energy transition. The lab features nearly 12,000 square feet of space, including four independent test bays for fluid film bearings and compression products. It aims to centralize resources for innovative technologies, with plans to install a hydrogen testing facility. Dover’s commitment to advancing material science positions it as a contributor to cleaner energy solutions.

Positive

• Opening of a new Innovation Lab to enhance product development.
• Focus on developing technologies that support the green energy transition.
• Centralization of test rigs which may accelerate innovation.
• Plans for a hydrogen testing facility to further enhance capabilities.

Negative

• None.

Company Looks toward the Future with Next-Generation Technologies to Support the Green Energy Transition

DOWNERS GROVE, Ill., Oct. 11, 2022 /PRNewswire/ -- Dover Precision Components, part of Dover (NYSE: DOV), today announced the official opening of its Innovation Lab. Since the construction of the nearly 12,000-square-foot building was completed, the lab team has focused on the installation and commissioning of key test rigs for its fluid film bearings and compression products. The Innovation Lab has four independent test bays to allow work on multiple rigs at once with dedicated control rooms to monitor and collect test data and help ensure the safe operation of the equipment.

The lab was built to centralize the company's test rigs and bring together the research and product development teams. These teams are focused on developing innovative new products and technologies to support a greener future, including the upcoming installation of a hydrogen testing facility for performance materials that are key to enabling the transition to hydrogen.

"Dover Precision Components' investments in product development and material science have allowed us to accelerate the speed at which technologies are made available to our customers," said Michael Corrie, Vice President, Advanced Sealing and Compression at Dover Precision Components.

Added Chris Johnson, Vice President, Engineered Bearings, "As the world transitions toward clean energy to reduce carbon emissions, we are positioned to provide solutions that address these challenging application needs."

About Dover Precision Components:

Dover Precision Components delivers performance-critical solutions for rotating and reciprocating machinery across the oil & gas, power generation, marine, industrial, chemical, and general processing markets. Comprising the Waukesha Bearings, Bearings Plus, Inpro/Seal, and Cook Compression brands, our portfolio includes hydrodynamic bearings, active magnetic bearings, system and bearing protection, reciprocating compressor valves, sealing technologies, pistons, rods, and more. Each solution is custom-engineered to provide optimum efficiency, reliability, and productivity, and is backed by comprehensive aftermarket services. Dover Precision Components serves its global customer base through facilities in North America, Europe, Asia, and the Middle East, as well as technical sales representatives around the world. Additional information is available at doverprecision.com.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 25,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Dover Precision Components Contact:
Robin Vodenlic
(281) 939-2450
rvodenlic@doverprecision.com  

Dover Media Contact:      
Adrian Sakowicz, VP, Communications      
(630) 743-5039      
asakowicz@dovercorp.com    

Dover Investor Contact:    
Jack Dickens, Senior Director, Investor Relations
(630) 743-2566
jdickens@dovercorp.com

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SOURCE Dover

FAQ

What is the purpose of the new Innovation Lab opened by Dover Precision Components?

The Innovation Lab aims to enhance product development and support the green energy transition by centralizing resources and focusing on innovative technologies.

When was the Innovation Lab opened by Dover?

The Innovation Lab was officially opened on October 11, 2022.

What will the Innovation Lab focus on regarding green energy?

The Innovation Lab will focus on developing technologies that support the green energy transition, including a hydrogen testing facility.

What is the significance of Dover's investment in the Innovation Lab?

Dover's investment in the Innovation Lab signifies its commitment to accelerating product development and addressing challenges in clean energy applications.

Where is Dover Precision Components headquartered?

Dover Precision Components is headquartered in Downers Grove, Illinois.