BP has sold the majority of its venture portfolio—more than ten companies—to Verdane, a Nordic private equity firm. This move follows the company's pivot away from clean energy earlier this year and marks the end of BP Ventures, which was established in 2007 with investments spanning industries such as green hydrogen, e-mobility, ride-hailing, autonomous vehicles, geothermal energy, and private jet charters.

In a press release, BP stated it would retain interests in a small number of investments where technology has the potential to create value for its businesses. The specific companies being kept were not specified, but layoffs seem likely due to local legal and regulatory requirements. The sale is expected to be completed by the second quarter of 2027.

BP's varied investments in climate tech haven't been financially successful: Axios reported last year that the portfolio was valued at approximately $1.2 billion, roughly equivalent to the amount invested since 2006. This financial performance has led many to question whether BP’s exit from these ventures signals a broader trend toward traditional fossil fuel reliance.

Despite this move, BP continues to pivot its focus away from clean energy and towards more conventional oil operations. The company’s declining investments in green technology may reflect a larger shift among major oil giants moving back towards their roots in traditional energy sources.