BrightSource Energy Files for IPO

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Pre-IPO Investor’s Portfolio Company Proposes Initial Public Offering

On April 22, 2011, one of Keating Capital, Inc.'s portfolio companies, BrightSource Energy, Inc., filed an S-1 registration statement for a proposed initial public offering of up to $250 million of its common stock. The number of shares and the offering price have not been determined. According to the S-1 filing, Goldman, Sachs & Co., Citigroup Global Markets, Inc. and Deutsche Bank Securities, Inc. are acting as lead underwriters.

Keating Capital made a $2.5 million investment in BrightSource Energy’s $200 million Series E Convertible Preferred Stock financing in February 2011. Other investors in BrightSource include VantagePoint Venture Partners, Draper Fisher Jurvetson, Alstom, CalSTRS, Chevron Technology Ventures and BP Technology Ventures.

Headquartered in Oakland, California, BrightSource is a developer of utility scale solar thermal plants that generate solar energy for utility and industrial companies using its proprietary solar thermal tower technology.

In October 2010, BrightSource announced that it had commenced construction of the 392-megawatt Ivanpah Solar Electric Generating System ("Ivanpah") in Southern California's Mojave Desert. According to BrightSource, Ivanpah is the largest solar thermal power plant under construction and will consist of three separate solar thermal power plants, with all three phases expected to be operational by the end of 2013. On April 11, 2011, BrightSource announced that it closed a $1.6 billion loan financing for the Ivanpah project which is guaranteed by the U.S. Department of Energy’s Loan Programs Office. In addition, Google recently announced that it has invested $168 million in the Ivanpah project and NRG Solar, LLC, a subsidiary of NRG Energy, Inc. (NYSE: NRG) intends to invest up to $300 million in Ivanpah.

There are no assurances that the BrightSource IPO will be completed or, if completed, when it may occur. In the event that BrightSource does complete an IPO, any shares received by Keating Capital upon conversion of the Series E Convertible Preferred Stock would be subject to a six-month customary lockup period.

About Keating Capital, Inc.

Keating Capital, Inc. is a business development company that specializes in making pre-IPO investments in innovative, high growth private companies that are committed to and capable of becoming public. Keating Capital provides individual investors with the ability to participate in a unique fund that invests in a private company's late stage, pre-IPO financing round - an opportunity that has historically been reserved for institutional investors.

Forward-Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect Keating Capital's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in "Risk Factors" in Keating Capital's annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 28, 2011, and subsequent filings with the SEC. Please refer to Keating Capital's SEC filings for a more detailed discussion of the risks and uncertainties associated with its business, including but not limited to the risks and uncertainties associated with investing in micro- and small-cap companies. Except as required by the federal securities laws, Keating Capital undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to Keating Capital's Web site has been provided as a convenience, and the information contained on such Web site is not incorporated by reference into this press release.


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Margie Blackwell
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