BP has announced it is selling off the majority of its corporate venture portfolio to Nordic private equity firm Verdane, effectively closing BP Ventures after nearly 20 years. The move follows the oil giant's earlier pivot away from clean energy this year and marks a further retreat from its efforts to diversify into climate and energy-transition technology.

The sale covers more than ten companies spanning green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters and geothermal energy, though BP said it would retain stakes in a small number of investments it declined to name. The company did not comment on the future of BP Ventures staff, and the deal is expected to complete in the second quarter of 2027. Financially, the unit has struggled: its portfolio was reportedly valued last year at around $1.2 billion (£930 million), roughly matching the sum BP had invested since founding the arm in 2006.