Oil giant BP shutters its corporate venture arm after 20 years
BP is shutting down its corporate venture arm after 20 years and selling the majority of its portfolio to private equity firm Verdane. This move follows the company's broader pivot away from clean energy investments.
Why it matters
The decision reflects a significant shift in corporate strategy for major oil companies, signaling a retreat from venture-backed climate tech initiatives.
BP has had an on-again, off-again relationship with climate tech. Now, it’s definitely “off.” On top of pivoting away from clean energy earlier this year, the oil giant announced today that it was selling the majority of its venture portfolio — more than 10 companies, according to BP — to Verdane , a Nordic private equity firm.
Since BP launched its venture arm in 2007, it has invested in a wide range of industries, many of them focused on the energy transition, including green hydrogen , e-mobility , ride-hailing , autonomous vehicles , private jet charters , and geothermal energy , among other sectors.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in