BERKELEY -- LightSail Energy, a developer of new technologies for energy storage, has landed $37.3 million in Series D venture capital financing.

Investors Bill Gates, Peter Thiel. Khosla Ventures, and Innovacorp were among the notable financiers that participated in the venture funding round.

Founded in 2009, LightSail Energy has developed technologies to make renewable energy such as solar and wind power available at times when the power is needed, rather than only when they are available.

Berkeley-based LightSail's storage system enables solar farms to store energy cheaply, then deliver the power when it's needed.

LightSail has developed a technology to store energy that's based on thermodynamics, the science of heat transfer and usage. By compressing air, the LightSail energy storage system captures heat energy and releases it when needed.

"This investment round will enable LightSail to bring its first grid-scale energy storage products to market," LightSail CEO Steve Crane said in a prepared release. Crane co-founded LightSail with Princeton University PhD student Danielle Fong, who invented the technology.

Inside an Oakland warehouse that once was a firehouse in 1909, LightSail built and tested a system that stores and releases energy by compressing and expanding air.

When deployed, LightSail's technology would reduce the need for transmission line investment, peaker power plants, and make renewable energy practical and mainstream for the first time," said Vinod Khosla, founding partner of Khosla Ventures.

Contact George Avalos at 925-977-8477. Follow him at twitter.com/george_avalos.