BP is closing a long-running chapter in its innovation strategy by selling most of the portfolio tied to BP Ventures, the corporate investment arm it launched in 2007. The package includes more than 10 companies and will move to Verdane, a Nordic private equity firm.
Over the years, the unit backed businesses across the energy transition and mobility landscape, including green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet services, and geothermal energy. The company said it will keep a small number of investments where the underlying technology could still support its core business.
BP did not identify which holdings will remain in-house. It also did not detail what happens next for the venture team, though the restructuring suggests a significant organizational shift. The portfolio sale is expected to be completed in the second quarter of 2027.
Financially, the venture arm's performance appears to have been modest. Its portfolio was estimated at about $1.2 billion last year, close to the amount BP had invested since the unit began. The move signals a more selective approach to innovation, where large companies may focus on fewer technologies with clearer strategic value. In the years ahead, this kind of reset could shape how energy groups partner with emerging tech.
