BP has had an on-again, off-again relationship with climate technology. Now, it’s definitely “off.” In addition to moving away from clean energy earlier this year, the oil giant announced today that it would sell most of its portfolio of companies (more than 10 companies, according to BP) to Verdane, a Nordic private equity firm.

Since BP launched its venture arm in 2007, it has invested in a wide range of industries, many of them focused on the energy transition, including green hydrogen, electric mobility, ride-hailing, autonomous vehicles, private charter flights and geothermal energy, among other sectors.

In a press release, the company said it would “retain interests in a small number of investments where the technology has the potential to create value for its businesses.” When contacted for comment, BP declined to specify which businesses it would retain. The company also declined to comment on the fate of BP Ventures employees, citing local legal and regulatory requirements, although layoffs appear likely. BP expects the sale of the portfolio to be completed in the second quarter of 2027.

Over the years, BP Ventures’ various investments haven’t had much financial success: Axios journalist Alan Neuhauser said last year that the portfolio was valued at about $1.2 billion, or about the same amount the company had invested in it since establishing the unit in 2006.