BP has had an on-again, off-again relationship with local weather tech. Now, it’s undoubtedly “off.” On high of pivoting away from clear power earlier this yr, the oil big announced today that it was promoting nearly all of its enterprise portfolio — greater than 10 firms, in line with BP — to Verdane, a Nordic non-public fairness agency.
Since BP launched its enterprise arm in 2007, it has invested in a variety of industries, a lot of them centered on the power transition, together with green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy, amongst different sectors.
In a press launch, the corporate mentioned it might “retain pursuits in a small variety of investments the place the know-how has the potential to create worth for its companies.” When reached for remark, BP declined to specify which firms it might be preserving. The corporate additionally declined to touch upon the destiny of BP Ventures staff, citing native authorized and regulatory necessities, although layoffs appear possible. BP expects the portfolio sale to be accomplished within the second quarter of 2027.
Over time, BP Ventures’ different investments haven’t been terribly profitable financially: Axios reporter Alan Neuhauser said final yr that the portfolio was valued at about $1.2 billion, or roughly the identical quantity that the corporate had poured into it since establishing the unit in 2006.
