Oil giant BP shutters its corporate venture arm
Energy major BP is selling the majority of its venture capital arm, BP Ventures, to Nordic private equity firm Verdane. The move marks the end of a nearly 20-year initiative.
BP, a major player in the oil and gas industry, has announced the sale of most of its venture capital arm, BP Ventures. The unit has been active for nearly two decades, focusing on investments in energy transition technologies.
The sale, which involves Verdane acquiring a portfolio of over ten companies, is part of BP's broader strategic reassessment. Earlier this year, the company reduced its commitments to clean energy, shifting its focus more towards fossil fuels.
BP Ventures has invested in diverse sectors, including green hydrogen production, electric mobility, ride-sharing services, autonomous vehicles, private jet charter services, and geothermal energy. BP stated it will retain stakes in a small number of investments where the technology is seen as having potential value for its core businesses.
The financial returns from BP Ventures' investments have reportedly been modest. The portfolio, valued at approximately $1.2 billion, was reportedly worth around the same amount BP had invested since the unit's establishment in 2006. The transaction is expected to be finalized in the second quarter of 2027.