BP Shuts Down Its Corporate Venture Division After 20 Years

BP’s engagement in climate technology has been irregular, and it is currently “off.” Following a shift away from clean energy earlier this year, the oil company has confirmed the divestiture of the bulk of its venture portfolio—over 10 companies, as disclosed by BP—to Verdane, a Nordic private equity firm.

Since launching its venture division in 2007, BP has made investments across a range of sectors, many focused on energy transition. This includes areas like green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy, among others.

In a statement, BP indicated that they would “retain interests in a limited number of investments where the technology could generate value for its businesses.” However, when prompted for specifics, BP opted not to reveal which companies would continue to be part of their portfolio. The company also withheld comments regarding the future of BP Ventures employees, citing local legal and regulatory obligations, though layoffs seem likely. BP expects the portfolio sale to finalize in the second quarter of 2027.

Historically, BP Ventures’ diverse investments have not yielded exceptional financial returns: Axios reporter Alan Neuhauser highlighted last year that the portfolio was valued at around $1.2 billion, approximately equal to the amount the company has invested since the division’s inception in 2006.