Alternator voltage regulator teardown and analysis

We've had a few discussions of the current state of replacement voltage regulators for our Mopars, such as this thread. To get a closer look at what's going on in your general parts-store replacement Chrysler alternator voltage regulator, I have bought one (a MasterPro 2VR1, about $32 at O'Reilly), and will take it apart and put it under a microscope to show you how it works and where these may have room for improvement.

From the outside, it looks like your standard voltage regulator. We have a stamped sheet metal casing and a molded plastic connector with a folded metal bracket.

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The back is sealed with potting compound. There are several types of material that can be called potting compound; they are usually epoxies or urethane.
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As this material cuts easily with a knife, I'm going to say it is most likely urethane. I switched to a box cutter after this picture was taken. I could have used something more aggressive, but didn't know if there was anything inside the potting compound that might be damaged.

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Enough cutting revealed a layer of sand under the potting compound.

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Once I had cut around the perimeter of the potting compound, I was able to pry it out to see what was under it.
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The potting compound peeled off in one piece.
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Here's what's underneath. The wire on the right was caught in the potting compound and broke off the circuit board. Let's have a look under that sand..
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Here we have a surface mount, single sided PCB. Probably FR2 or a similar laminated paper substrate. There are a total of 12 components populating the board, nothing more complex than a transistor.
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When I said I would put this under a microscope, I meant it. Stay tuned for an analysis of the circuit board.