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Positive Crankcase Ventilation Valve
Vents fumes and vapors and positive pressure back into the induction system to be burned off, reducing unburned emissions.
It's a sprung one-way valve and can get stuck open or closed due to gumming up from oil vapor. These can be sometimes rehabilitated by cleaning them internally. For replacement, if you can figure out what the spring rate is, a non-Porsche-taxed (or unobtainium) substitute should be fine.
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