Oil giant BP has had an on-again, off-again relationship with climate tech. Now it's definitely 'off.' On top of pivoting away from clean energy investments earlier this year, the oil giant announced today that it was selling the majority of its venture portfolio to Verdane, a Nordic private equity firm.

BP launched its venture arm in 2007, investing in a wide range of industries, many of them focused on the energy transition. These include green hydrogen, e-mobility, ride-hailing, autonomous vehicles, private jet charters, and geothermal energy, among other sectors. The company has been involved in over 10 companies, which will now be majority-owned by Verdane.

While BP hasn't disclosed the exact number of companies it's selling, the deal is reportedly worth billions of dollars. The sale marks a significant shift in the company's strategy, as it focuses on reducing its carbon footprint. BP's venture arm was meant to accelerate the transition to a low-carbon economy, but it appears the company is moving away from this goal.

In recent years, BP has faced criticism for its slow pace of investing in clean energy and its continued reliance on fossil fuels. The sale of its venture portfolio is likely to raise questions about the company's commitment to sustainability.

BP has appointed Bernard Looney as its new CEO, who has promised to accelerate the company's transition to a low-carbon economy. However, the sale of its venture portfolio suggests that the company may be taking a step back from its sustainability goals.

The deal is expected to be completed by the end of the year, with Verdane taking control of the majority of BP's venture portfolio. This move is likely to have significant implications for the climate tech industry, as one of the major players is exiting the market.

BP's venture arm has invested a significant amount of money in various companies, with some reports suggesting that it has invested over $1 billion in the past decade. The sale of these companies will likely result in substantial losses for BP.

Verdane, on the other hand, has a strong track record of investing in sustainable infrastructure and renewable energy. The company has invested in various projects, including wind farms and solar panels, and has a clear focus on reducing carbon emissions.

The sale of BP's venture portfolio is likely to have significant implications for the climate tech industry, as one of the major players is exiting the market. This move is likely to raise questions about the viability of clean energy investments and the role of large corporations in driving sustainability.

### Key Facts

  • BP sold over 10 companies from its venture arm to Verdane.
  • The deal is reportedly worth billions of dollars.
  • BP's venture arm has invested over $1 billion in the past decade.
  • Verdane has a strong track record of investing in sustainable infrastructure and renewable energy.
  • The sale of BP's venture portfolio is expected to be completed by the end of the year.

BP has faced criticism for its slow pace of investing in clean energy and its continued reliance on fossil fuels. The sale of its venture portfolio is likely to raise questions about the company's commitment to sustainability. While the company has appointed a new CEO who has promised to accelerate the transition to a low-carbon economy, the sale of its venture portfolio suggests that the company may be taking a step back from its sustainability goals.