Key facts
- BP is selling the majority of its venture portfolio, which includes over 10 companies.
- Nordic private equity firm Verdane is acquiring the portfolio.
- BP will retain interests in a select few investments.
- The sale is anticipated to conclude in the second quarter of 2027.
- BP Ventures was established in 2007 and focused on energy transition technologies.
BP is divesting the majority of its venture capital portfolio, comprising over 10 companies, to Verdane, a private equity firm based in the Nordics. This move signifies a definitive exit from clean energy investments for the oil giant, following its earlier pivot away from the sector.
Launched in 2007, BP Ventures had invested in a diverse range of energy transition technologies, including green hydrogen, e-mobility, autonomous vehicles, and private jet charters. The company stated it would retain interests in a small number of investments where the technology holds potential value for its core businesses.
BP declined to specify which companies would remain under its ownership or comment on the fate of BP Ventures employees, though layoffs are anticipated. The transaction is expected to be finalized in the second quarter of 2027.
Historically, BP Ventures' financial performance has been modest, with its portfolio valued at approximately $1.2 billion, a figure close to the total amount invested since the unit's inception in 2006.