BP announced it is selling the majority of its venture portfolio to Nordic private equity firm Verdane, effectively shuttering its corporate venture arm after nearly two decades. The sale includes more than 10 companies from a portfolio that was valued at about $1.2 billion last year, roughly equal to the total capital BP had invested since launching the unit in 2006. BP will retain a small number of investments where the technology has potential to create value for its businesses, but declined to specify which companies or comment on the fate of BP Ventures employees. The transaction is expected to close in the second quarter of 2027.
BP PLCBP is shuttering its corporate venture arm and selling most of its venture portfolio, indicating a strategic retreat from venture investing.
Verdane is acquiring the majority of BP's venture portfolio, expanding its asset base.