SWEP Signs Multiyear Contract with Kvitebjørn Varme AS to Advance Renewable Energy Ambitions in the Arctic

Rhea-AI Summary

Dover (NYSE: DOV) announced a significant multiyear contract between its subsidiary SWEP and Kvitebjørn Varme AS to supply Energy Transfer Stations (ETS) for district heating in Tromsø, Norway. The agreement facilitates the delivery of 25-35 ETS units annually to support Kvitebjørn's goal of 96% renewable energy usage by 2023. SWEP will provide technical expertise alongside equipment delivery, having previously collaborated since 2017. This partnership underscores Dover's commitment to renewable energy solutions in heating.

Positive

• New multiyear contract for 25-35 ETS units annually strengthens revenue stream.
• Partnership supports Kvitebjørn Varme's renewable energy goals in Tromsø.
• Continued technical support enhances customer relationships and satisfaction.

Negative

• None.

DOWNERS GROVE, Ill., March 18, 2021 /PRNewswire/ -- SWEP, part of Dover (NYSE: DOV), announced the signing of a multiyear contract with Kvitebjørn Varme AS, to supply Energy Transfer Stations (ETS) to advance the expansion of district heating from Tromsø (Norway) based energy supplier.

Kvitebjørn Varme owns and operates the district heating network supplying district heating for residential heating, hot water and street heating for residents, buildings and streets in the city of Tromsø.  

The contract entails the delivery of 25-35 ETS units per year with the relationship extending beyond supply and delivery, as SWEP will continue to extend technical expertise to help ensure satisfactory performance of the ETSs in the district heating network in Tromsø. 

"Apart from a supplier of Energy Transfer Stations, we consider SWEP a technical resource whose advice and support regarding design and operation of energy transfer stations we appreciate," said Geir Magne Olsen, CCO and Head of Sales and Development for Kvitebjørn Varme.

Kvitebjørn Varme delivers more than 150 GWh of thermal energy annually, dominated by utilization of excess heat from waste incineration and the vast remainder from biofuels and electricity. Hot water is distributed through a network of underground pipes from central heating plants to the end customers. The ambition is that 96% of all district heating in Tromsø will be produced by renewable energy sources by 2023, with the remaining 4% being generated by electricity.

SWEP began working with Kvitebjørn Varme in 2017 when the new energy recovery plant in Skattøra was put into operations. As the expansion of the distribution network grows, SWEP systems will continue to supply ETS for several years using SWEP brazed plate heat exchangers and technological know-how after recently signing a new contract with Kvitebjørn Varme.

For more information about the SWEP, please visit www.swep.net.

About SWEP:

At SWEP, we believe our future rests on giving more energy than we take – from our planet and our people. That's why we pour our energy into leading the conversion to sustainable energy usage in heat transfer. Over three decades, the SWEP brand has become synonymous with challenging efficiency.

SWEP is a world-leading supplier of brazed plate heat exchangers for HVAC and industrial applications. With over 1,000 dedicated employees, carefully selected business partners, and a global presence with production, sales, and dedicated service, we bring a level of expertise and closeness to our customers that's redefining competitive edge in a more sustainable future. SWEP is part of Dover Corporation, a multi-billion-dollar, diversified manufacturer of a wide range of proprietary products and components for industrial and commercial use.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale, operational agility, world-class engineering capability and customer intimacy to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of over 23,000 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.   

SWEP Contact:
Lisa Skarp
+46 705 57 2331
lisa.skarp@swep.net

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

Dover Investor Contact:
Andrey Galiuk, VP, Corporate Development and Investor Relations    
(630) 743-5131    
agaliuk@dovercorp.com

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SOURCE Dover

FAQ

What is the significance of the contract between SWEP and Kvitebjørn Varme AS?

The contract ensures the delivery of 25-35 Energy Transfer Stations annually, supporting renewable energy initiatives in Tromsø.

How does the new contract impact Dover's stock performance?

The multiyear contract may positively influence Dover's revenue and market position in renewable energy solutions.

What are Kvitebjørn Varme AS's renewable energy goals?

Kvitebjørn aims for 96% of its district heating to be sourced from renewable energy by 2023.

When was the contract between SWEP and Kvitebjørn Varme AS signed?

The contract was announced on March 18, 2021.

What products will SWEP supply to Kvitebjørn Varme AS?

SWEP will supply Energy Transfer Stations (ETS) to enhance district heating services in Tromsø.