BP to Shut Down Venture Arm After Selling Most of Its Startup Portfolio

BP is shutting down its corporate venture capital arm after nearly two decades, marking another step in the company’s retreat from clean energy investments. The oil giant announced it will sell the majority of the BP Ventures portfolio to Nordic private equity firm Verdane.

Since launching BP Ventures in 2007, the company has invested in more than a dozen startups across sectors linked to the energy transition, including green hydrogen, electric mobility, autonomous vehicles, ride-hailing, geothermal energy and private aviation.

BP said it will retain stakes in a small number of companies where the technology could still provide strategic value to its business, but it declined to identify those investments. The company also did not comment on the future of BP Ventures employees, citing legal and regulatory requirements. The sale of the portfolio is expected to be completed during the second quarter of 2027.

Financially, the venture arm delivered mixed results over its lifetime. According to previously reported figures, the portfolio was valued at around $1.2 billion, roughly matching the amount BP has invested in the unit since its establishment in 2006.