This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Dover Corporation's Clean Energy & Fueling segment generated $1.94B in 2024, approximately 25% of total revenue ($7.7B). This segment includes Dover Fueling Solutions (petroleum dispensing equipment for gas stations) and OPW (fuel management, loading systems, tank gauging). While the segment name includes "Clean Energy" and covers EV charging, hydrogen, and LNG, the core legacy business is petroleum retail fueling infrastructure — dispensers, point-of-sale systems, underground storage tank monitoring, and fuel management systems for conventional gas stations worldwide. Additionally, Pumps & Process Solutions serves oil/gas upstream customers. The combined fossil fuel exposure likely exceeds 15% of total revenue but the exact split between traditional fueling and clean energy within the segment is not publicly disaggregated. Needs CIO determination on materiality threshold.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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