BP has had an on-again, off-again relationship with climate tech. Now, it’s definitely “off”. on top of wander away From clean energy earlier this year, the oil giant announced today According to BP, it was selling the majority of its venture portfolio – more than 10 companies wordenA Nordic private equity firm.
Since BP launched its venture arm in 2007, it has invested in a variety of industries, many of which have focused on the energy transition, including green hydrogen, e mobility, ride-hailer, autonomous vehicle, private jet charterAnd geothermal energyamong other areas.
In a press release, the company said it would “remain interested in certain investments where technology has the potential to create value for its businesses.” When contacted for comment, BP declined to say which companies it would retain. The company also declined to comment on the fate of BP Ventures employees, citing local legal and regulatory requirements, although layoffs appear likely. BP expects the portfolio sale to be completed in the second quarter of 2027.
Over the past few years, BP Ventures’ diverse investments have not been very successful financially: Axios reporter Alan Newhauser Said The portfolio was valued at about $1.2 billion last year, or about the same amount the company has put into it since setting up the unit in 2006.
