BP’s affiliation with climate technology has been inconsistent, and it has now taken a definitive turn away from it. Following a shift away from clean energy initiatives earlier this year, the oil company revealed today its decision to sell off the majority of its venture capital portfolio—more than ten companies—to Verdane, a private equity firm based in the Nordics.
Since the inception of its venture division in 2007, BP has invested in a diverse array of sectors, many aimed at facilitating the energy transition. These include green hydrogen, electric mobility, ride-hailing services, autonomous driving technologies, private aviation charters, and geothermal energy, among others.
In a statement, BP indicated that it would maintain stakes in a select few investments that possess potential value for its core operations. However, the company did not disclose which specific companies would remain under its control. Additionally, BP refrained from commenting on the future of BP Ventures’ employees, referencing local legal and regulatory constraints, but layoffs appear to be a possibility. The completion of the portfolio sale is anticipated by the second quarter of 2027.
Historically, BP Ventures’ diverse range of investments has not fared well financially. A report from Axios journalist Alan Neuhauser highlighted last year that the overall valuation of the portfolio was around $1.2 billion, roughly equal to the total amount invested since the division’s launch in 2006.
