BP, a major oil company, has decided to shut down its corporate venture arm after 20 years of operation.This decision comes after the company pivoted away from clean energy initiatives earlier this year.BP announced it is selling the majority of its venture portfolio—over 10 companies—to Verdane, a Nordic private equity firm.

Since its launch in 2007, BP Ventures invested in various sectors, including green hydrogen, e-mobility, ride-hailing, autonomous vehicles, and geothermal energy.However, the financial returns from these investments have been modest, with the portfolio valued at around $1.2 billion, matching the total amount invested since 2006.BP will retain minority stakes in a few projects it deems strategically valuable.The company declined to specify which companies will remain or detail the fate of its venture arm employees, citing legal and regulatory constraints.The sale is expected to be finalized in Q2 2027.

This move reflects BP's strategic shift away from climate tech investments, signaling a broader industry trend of scaling back on renewable energy ventures.