The oil major bp is clearing out its venture-capital cupboard. It has agreed to sell most of its startup portfolio — minority stakes in more than 10 companies — to Verdane, a Nordic private-equity firm, in a deal expected to close by the second quarter of 2027, subject to regulatory and contractual approvals. Bp says the sale supports “simplifying its portfolio and disciplined capital allocation”, while giving the companies an investor focused on their next phase. It will hold on to a small number of investments where the technology could still be useful to its own businesses.
Two decades of energy bets
Bp launched its venture arm in 2006 to back “private, high growth, game-changing technology companies” across the energy spectrum. Many of its bets were aimed at the energy transition: over the years it invested in green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters and geothermal energy, among other sectors. The results were mixed. TechCrunch, citing an Axios report, says the portfolio was valued at about $1.2 billion last year — roughly the same amount bp had poured into it since 2006 — and noted the investments “haven't been terribly successful financially”. Verdane described the businesses it is buying as ones “helping to make the energy transition more efficient through innovative use of technology”.
A quiet retreat from clean energy
The sale fits a bigger shift. In early 2025 bp reversed an earlier plan to cut oil and gas output while ramping up low-carbon investment, and instead moved capital back into fossil fuels — cutting low-carbon spending to less than 5% of its investment budget. Selling the venture portfolio is, in that light, another step away from the energy-transition strategy the unit was built to chase. Media coverage framed the move as bp “shuttering” its venture arm, though bp's own announcement describes a portfolio sale rather than a formal closure. Bp declined to say which companies it would keep or what the deal means for the venture team, citing legal requirements, though layoffs look likely. Verdane's Melanie Campbell said the firm looks forward to helping the companies “continue to digitalise and decarbonise the global economy”.
