BP has had an on-again, off-again relationship with climate tech. Now, it’s definitely “off.” On top of pivoting away from clean energy earlier this year, the oil giant announced today that it was selling the majority of its venture portfolio — more than 10 companies, according to BP — to Verdane, a Nordic private equity firm.
Since BP launched its venture arm in 2007, it has invested in a wide range of industries, many of them focused on the energy transition, including green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy, among other sectors.
In a press release, the company said it would “retain interests in a small number of investments where the technology has the potential to create value for its businesses.” When reached for comment, BP declined to specify which companies it would be keeping. The company also declined to comment on the fate of BP Ventures employees, citing local legal and regulatory requirements, though layoffs seem likely. BP expects the portfolio sale to be completed in the second quarter of 2027.
Over the years, BP Ventures’ varied investments haven’t been terribly successful financially: Axios reporter Alan Neuhauser said last year that the portfolio was valued at about $1.2 billion, or roughly the same amount that the company had poured into it since establishing the unit in 2006.