Global energy company BP has announced plans to close its corporate venture investment division by selling most of its investment portfolio to Nordic private equity firm Verdane.

The decision marks another step in the company’s shift away from investments focused on clean energy and emerging technologies.

Since launching its venture arm in 2007, BP invested in companies involved in green hydrogen, electric mobility, autonomous vehicles, geothermal energy, aviation technology, and several other sectors supporting the global energy transition.

BP stated that it will retain only a small number of investments where the technology directly benefits its core business operations.

However, the company has not revealed which investments will remain under its ownership or what will happen to employees working within the venture division.

The sale of the investment portfolio is expected to be completed during the second quarter of 2027. Industry observers believe the move reflects BP’s changing business priorities as it places greater emphasis on its traditional energy operations.

Although BP Ventures supported numerous innovative companies over the years, financial reports suggest the portfolio delivered only modest returns, with its overall value remaining close to the amount originally invested.

Source: TechCrunch