BP Sells Energy Tech Venture Portfolio to Verdane as It Shifts Away from Low-Carbon Investments
esgtoday.comBP has agreed to sell most of its bp Ventures portfolio to Verdane, a growth investor focused on digitalization and decarbonization. The deal includes minority stakes in over 10 companies that use technology to make the energy transition more efficient, covering areas like energy digitalization and transport evolution. The sale follows BP's early 2025 strategy reversal that reduced low-carbon energy spending to under 5% of capex and increased oil and gas investment. Verdane plans to support the portfolio companies in their next growth phase, aiming to continue digitalizing and decarbonizing the global economy. The transaction underscores how major oil companies are reallocating capital away from clean energy ventures, while specialized investors step in to sustain those technologies. For carbon market watchers, this signals a shift in who funds early-stage climate tech and what that means for deployment timelines.