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BP exits venture investing after 20 years
BP is selling most of its venture portfolio to Verdane, ending a long and uneven climate-tech investing run.
Image: TechCrunch
BP is shutting down its corporate venture arm, extending the company’s retreat from clean energy with a sale of most of the portfolio to Nordic private equity firm Verdane.
Founded in 2007, BP Ventures invested across a broad mix of sectors tied in part to the energy transition, including green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy. BP said it will sell more than 10 companies as part of the deal.
The company said in a press release that it would “retain interests in a small number of investments where the technology has the potential to create value for its businesses.” BP declined to say which companies it plans to keep.
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BP also declined to comment on what will happen to BP Ventures staff, citing local legal and regulatory requirements, though layoffs appear likely. The company expects the portfolio sale to close in the second quarter of 2027.
Financially, the unit appears to have delivered limited returns. 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.
The move follows BP’s earlier decision this year to pivot away from clean energy, making its once-intermittent commitment to climate tech look firmly over.
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
