BP divests majority of venture portfolio to Verdane, ending 20-year run

BP is concluding the operations of BP Ventures, its corporate venture capital arm, after nearly two decades of activity. The oil giant announced it is selling the majority of its venture portfolio, which comprises more than 10 companies, to Verdane, a Nordic private equity firm. The transaction is expected to complete in the second quarter of 2027.

The move marks a definitive shift in BP’s approach to emerging technologies. The company has previously described its relationship with climate technology as “definitely off,” following a strategic pivot away from clean energy earlier this year. BP Ventures, which began investing around 2006 and was formally launched in 2007, had maintained an on-again, off-again relationship with the sector over the past 20 years.

During its operation, the venture arm invested across a diverse range of industries, including green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy. However, the financial performance of the unit has been characterised as lackluster. Axios reporter Alan Neuhauser previously reported that the portfolio was valued at approximately $1.2 billion, a figure that roughly matched the total capital BP had invested since establishing the unit.

Under the terms of the deal, BP will retain interests in a small number of investments where the technology holds potential value for its core businesses. When contacted for comment, the company declined to specify which companies would be retained, citing local legal and regulatory requirements.

The shutdown of the venture arm is likely to result in job losses for staff within BP Ventures. The company declined to comment on the specific fate of its employees, again referencing regulatory constraints. The sale to Verdane represents a significant restructuring of BP’s investment activities as it refocuses its corporate strategy.