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Shell Ventures has agreed to sell stakes in around 10 portfolio companies to Spanish asset manager Alantra, Axios Pro has learned from multiple sources.

Why it matters: Shell joins a growing list of oil and gas companies trimming non-oil and gas assets to refocus on fossil fuels.

Zoom in: The deal is signed but not closed.

Alantra will acquire the companies through its recently launched secondaries vehicle.

What they're saying: "We do not comment on market speculation or on the details of potential commercial transactions," a Shell spokesperson tells Axios Pro.

Catch up quick: Shell Ventures in the past year has sought to sell part of its portfolio to better align with restructuring at its parent company.

Shell has been trimming non-core assets — including renewables — to focus on high-value oil and gas projects.

Case in point: Shell corporate on Monday said it's selling its onshore European renewables unit to France's TotalEnergies.

The oil major this year also sold its India renewables business, its Volta EV charging network and its Jiffy Lube shop chain.

The big picture: Shell isn't the only oil company to restructure its venture arm.

BP Ventures last month announced it had sold interests in more than 10 companies to European growth equity investor Verdane.

The move corroborated Axios Pro reporting last summer that BP Ventures had trimmed its U.S. workforce and sold certain green investments to free up cash and refocus on fossil fuel technologies.

Axios Pro reported in 2022 that TotalEnergies was shuttering its $400 million venture arm, eventually closing it in 2023.

What we're watching: Shell Ventures is still funding new startups, announcing investments this year in satellite imaging provider Extellis and biomass and synthetic gas producer Waste to Energy Advanced Solutions.

"Our Shell Ventures business remains focused on investing in, deploying and helping scale technologies and innovative businesses that support Shell's strategy and the development of low-carbon energy solutions," the spokesperson tells Axios Pro.

Scoop: Shell Ventures selling about 10 portcos to Alantra

Oil majors are trimming green spending for oil and gas.

Illustration of an overturned barrel of oil forming a dollar sign shaped puddle

Illustration: Sarah Grillo/Axios. Stock: Getty Images

Shell Ventures has agreed to sell stakes in around 10 portfolio companies to Spanish asset manager Alantra, Axios Pro has learned from multiple sources.Why it matters: Shell joins a growing list of oil and gas companies trimming non-oil and gas assets to refocus on fossil fuels.

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Scoop: Shell Ventures selling about 10 portcos to Alantra

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