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BP to Sell Stakes in Energy Tech Startups to Investor Verdane

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BP (BP) BP (BP) will sell BP Ventures' minority assets in more than 10 companies to Verdane, the oil major said on Wednesday, including interests across various energy-related technologies, with completion targeted for Q2, 2027.

The company said the transaction would support company strategy for a simpler portfolio and discipline in capital allocation while ensuring the portfolio companies are passed on to an investor supportive of their development.

BP said it would retain investments in a number of companies whose technologies can potentially generate value directly for its businesses, its statement said.

In a separate statement, Verdane, which describes itself as a European specialist growth buyout investment firm, said the purchases reflect its focus on investing in companies that pursue digitalization of the global economy.

It said the target companies are working towards making the energy transition more efficient through technological innovation, with companies in the portfolio working on digitalization in energy and decarbonization of transport.

Verdane said its in-house operational advisors would work with the management teams in the portfolio companies to tackle scale, go-to-market, data, finance and talent.

The investor, which has offices around Europe, said it is part-owned by the Verdane Foundation which is focused on climate change and more inclusive communities.

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