• 2 min read
BP shuts venture arm and sells most of portfolio
BP is offloading most of BP Ventures to Verdane after nearly two decades, deepening its retreat from clean energy investments.
Image: TechCrunch
BP is winding down its corporate venture operation after nearly 20 years, selling the majority of the BP Ventures portfolio to Nordic private equity firm Verdane.
The move follows BP’s earlier pivot away from clean energy this year and marks a sharper break from its uneven history in climate tech. The company said it is selling stakes in more than 10 companies, while keeping a small number of investments where the technology could still create value for BP’s core businesses.
When asked, BP declined to say which companies it plans to retain. It also would not comment on the future of BP Ventures employees, citing local legal and regulatory requirements.
Since launching the unit in 2007, BP Ventures invested across a broad set of sectors tied to the energy transition and mobility, including green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy.
The portfolio’s financial record appears mixed at best. Axios reporter Alan Neuhauser said last year that the portfolio was valued at about $1.2 billion — roughly the same amount BP had invested since establishing the unit in 2006.
Recommended reading
XR Says It Sabotaged Microsoft Data Center Build
BP said the portfolio sale is expected to close in the second quarter of 2027, leaving only a handful of investments with potential strategic value inside the company.
Enterprise Editor
Marcus follows the money. He covers enterprise software, cloud architecture, and the tectonic shifts in Big Tech strategy. He translates dense earnings calls and complex M&A activity into actionable insights about where the industry is actually heading. If a tech giant makes a silent pivot, Marcus is usually the first to notice.
via TechCrunch
