BP closes venture arm after 20 years, sells portfolio to Verdane
Original: Oil giant BP shutters its corporate venture arm after 20 years
Why This Matters
BP's exit signals major oil companies pulling back from energy-transition venture investing.
BP announced on July 16, 2026 that it is shutting down BP Ventures, its corporate venture arm launched in 2006–2007, and selling a portfolio of more than 10 companies to Nordic private equity firm Verdane. The deal is expected to close in Q2 2027.
BP has officially wound down its corporate venture unit, BP Ventures, after roughly 20 years of operation. The oil major announced it will sell the majority of its venture portfolio — comprising more than 10 companies — to Verdane, a Nordic private equity firm, with the transaction expected to complete in Q2 2027. Since its founding in 2006–2007, BP Ventures invested across sectors tied to the energy transition, including green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy. BP stated it will retain stakes in 'a small number of investments where the technology has the potential to create value for its businesses,' but declined to identify those companies. The company also declined to comment on the fate of BP Ventures employees, citing local legal and regulatory requirements. Financially, the venture arm showed limited returns: Axios reported in 2025 that the portfolio was valued at approximately $1.2 billion — roughly equal to the total capital invested since inception. The closure follows BP's broader strategic pivot away from clean energy announced earlier in 2026.