Oil giant BP shutters its corporate venture arm after 20 years

In Brief

BP has had an on-again, off-again narration with clime tech. Now, it’s decidedly “off.” On apical of pivoting away from cleanable vigor earlier this year, the lipid elephantine announced today that it was selling the bulk of its task portfolio — much than 10 companies, according to BP — to Verdane, a Nordic backstage equity firm.

Since BP launched its task limb successful 2007, it has invested successful a wide scope of industries, galore of them focused connected the vigor transition, including green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private pitchy charters, and geothermal energy, among different sectors.

In a property release, the institution said it would “retain interests successful a tiny fig of investments wherever the exertion has the imaginable to make worth for its businesses.” When reached for comment, BP declined to specify which companies it would beryllium keeping. The institution besides declined to remark connected the destiny of BP Ventures employees, citing section ineligible and regulatory requirements, though layoffs look likely. BP expects the portfolio merchantability to beryllium completed successful the 2nd 4th of 2027.

Over the years, BP Ventures’ varied investments haven’t been terribly palmy financially: Axios newsman Alan Neuhauser said past twelvemonth that the portfolio was valued astatine astir $1.2 billion, oregon astir the aforesaid magnitude that the institution had poured into it since establishing the portion successful 2006.

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