Oil giant BP is closing its investment arm after 20 years

BP has had an on-and-off relationship with climate technology. Now, it is definitely “off”. On top Pivoting away From clean energy earlier this year, the oil giant Announce today It was selling the majority of its investment portfolio — more than 10 companies, according to BP — to… Verduna Nordic private equity firm.

Since BP launched its investment arm in 2007, it has invested in a wide range of industries, many of which focused on the energy transition, including Green hydrogen, E-mobility, Ride sharing, Autonomous vehicles, Chartered private planesand Geothermal energyamong other sectors.

The company said in a press release that it “will retain interests in a small number of investments where technology has the potential to create value for its business.” When reached for comment, BP declined to specify 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 years, BP Ventures’ various investments haven’t been very successful financially: Axios Reporter Alan Newhouser He said Last year, the value of the portfolio amounted to about $1.2 billion, or approximately the same amount that the company has pumped into it since the establishment of the unit in 2006.