Oil giant BP shutters its corporate venture arm after 20 years

In Brief

10:37 AM PDT · July 16, 2026

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.

In a press release, the company said it would “retain interests in a small number of investments where the technology has the potential to create value for its businesses.” When reached for comment, BP declined to specify...

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