The latest BP disclosures indicate that the company will sell most of the assets of the flagship business portfolio to the Nordic private equity agency Verdane and close the BP Ventures for almost 20 years. This move continues its direction of shrinking clean energy inputs this year.
Over 10 companies sold
According to the company, the transaction involved most of the assets in its portfolio, with more than 10. BP indicated that interest would still be reserved for a small number of investment projects, as the relevant technology could still add value to existing operations.
However, BP did not specify which companies would be specifically retained and did not disclose the amount of the sale.
Investment covers multiple transition tracks
Since its launch in 2007, BP Ventures has made a wide range of investments, mainly in areas related to energy transformation, including green hydrogen energy, electric mobility, Internet-based vehicles, automatic driving, private air charters and geothermal energy.
- Started in 2007
- The sale of assets involved more than 10 companies
- Only a small number of projects are retained in synergy with main operations
The deal is expected to be completed next year.
BP states that the sale of this asset is expected to be completed in the second quarter of 2027. The company did not provide an explanation of the whereabouts of BP Ventures ' employees, but merely stated that they were subject to local legal and regulatory requirements, and did not comment.
In the past, the financial results of this platform have been limited. Axios journalist Alan Neuhauser mentioned last year that the portfolio was valued at approximately $1.2 billion, which is roughly the same size of the cumulative investment by BP since its establishment in 2006.
Additional information:BP indicated in the press release that a small number of technical-type investments would be retained in the future, but no specific project names were disclosed.