Dover Corporation’s climate‑and‑sustainability arm, SWEP, introduced two new brazed‑plate heat‑exchangers on December 3, 2025. The SWEP B327 can capture up to 1,000 kW of excess heat from data‑center operations, while the compact SWEP B224 targets smaller installations. Both units feature large ports and low pressure‑drop designs that enable tighter temperature control in confined data‑center spaces, supporting the industry’s shift toward liquid cooling to manage the heat output of next‑generation chips.
The launch comes as Dover’s Q3 2025 earnings beat expectations, with adjusted EPS of $2.62 versus analyst estimates of $2.50. Revenue of $2.08 billion narrowly missed estimates of $2.09 billion, but the company’s gross margin improved to 40.1% from 38.5% a year earlier. The Climate & Sustainability Technologies segment, which includes SWEP, saw revenue fall 5.2% in Q3 2025 compared with the prior year, while its adjusted EBITDA remained flat. In contrast, the Pumps & Process Solutions segment grew 16.6% in revenue, underscoring the company’s focus on high‑margin growth markets such as AI infrastructure and clean‑energy solutions.
SWEP’s new heat‑exchangers reinforce Dover’s strategy to capture a share of the projected multi‑billion‑dollar data‑center cooling market, which is expected to reach $22.57 billion by 2034. The B327’s heat‑recovery capability aligns with the growing trend of heat reuse in data centers, offering operators a path to improve energy efficiency and sustainability. By expanding its product portfolio in this high‑margin segment, Dover positions itself to benefit from the increasing demand for liquid cooling driven by AI and high‑performance computing workloads.
Management highlighted the strategic importance of the launch. SWEP President Ulrika Nordqvist said, “We are committed to providing state‑of‑the‑art heat‑transfer solutions that support the rapid evolution of data centers,” emphasizing efficiency and sustainability. Dover CEO Richard Tobin noted a “constructive outlook for the remainder of 2025” and highlighted that “underlying end‑market demand is healthy across much of the portfolio and is supported by our sustained order growth.”
RBC Capital raised its price target for Dover to $198 and maintained a Sector Perform rating after the company’s earnings beat and the launch of the new heat‑exchangers. The market reaction reflected confidence in Dover’s ability to capitalize on the growing data‑center cooling market and its broader focus on secular growth areas such as AI infrastructure.
The introduction of the B327 and B224 signals Dover’s continued investment in high‑growth, high‑margin segments. By offering compact, high‑efficiency heat‑exchangers that support heat reuse, SWEP strengthens Dover’s competitive position in a market that is rapidly moving away from traditional air‑based cooling. The launch, coupled with strong Q3 earnings and a raised full‑year EPS guidance, underscores the company’s confidence in sustained demand for its climate‑and‑sustainability solutions.
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