BP’s connection with climate technology has been inconsistent, and it’s currently definitively “off.” Following its shift away from clean energy earlier this year, the oil behemoth revealed today that it is divesting the majority of its venture portfolio — encompassing over 10 firms, as stated by BP — to Verdane, a Nordic private equity company.

Since the inception of its venture division in 2007, BP has invested across a diverse array of sectors, many aimed at facilitating the energy transition, including green hydrogen, electric mobility, ride-hailing services, self-driving vehicles, chartered private jets, and geothermal power, among other industries.

In a statement to the press, the business mentioned it would “maintain stakes in a limited number of investments where the technology could generate value for its operations.” Upon request for clarification, BP chose not to reveal which companies it would retain. The corporation also refrained from providing details on the status of BP Ventures employees, referencing local legal and regulatory constraints, even though job cuts appear probable. BP anticipates that the portfolio divestiture will finalize in the second quarter of 2027.

Historically, BP Ventures’ diverse investments have not yielded substantial financial success: Axios journalist Alan Neuhauser reported last year that the portfolio was appraised at about $1.2 billion, approximately equal to the investment made since the unit’s establishment in 2006.