BP has shut down its corporate venture capital arm after 20 years of investing in energy and climate technology startups, according to a report from TechCrunch. The decision marks one of the most significant CVC wind-downs in recent years.
BP’s venture unit had invested in dozens of startups across renewable energy, carbon capture, battery storage, and climate tech. The closure comes as the company refocuses on its core oil and gas operations amid pressure from shareholders to improve returns.
The move reflects a broader trend of corporate venture arms being scaled back or closed as parent companies face budget pressures. BP’s CVC had been active globally, with investments spanning Europe, North America, and Asia.
Several portfolio companies will be affected by the shutdown, as BP will no longer provide follow-on funding or strategic support. The closure also removes a major source of corporate venture capital from the climate tech ecosystem, which had come to rely on BP as a strategic investor with deep industry expertise.
BP declined to comment on whether any of its venture portfolio companies would be acquired by the parent company or sold to third parties.
