At least one embodiment of the invention relates to an energy storage device comprising a housing, at least one flywheel disposed in the housing, and at least one stabilizing element disposed in the housing configured to stabilize the flywheel. There can be at least one cooling element for cooling a region interior of the housing to a preset temperature. In at least one embodiment, the stabilizing element comprises a magnet. In at least one embodiment the stabilizing element can be orientated at a position offset from a horizontal axis. In at least one embodiment the stabilizing element is orientated at a position offset from a vertical axis In at least one embodiment the stabilizing element is orientated at a position between a horizontal axis and a vertical axis. In at least one embodiment, the stabilizing element comprises at least one magnet coupled to the flywheel orientated at a first angle and at least one magnet coupled to the housing orientated at an angle substantially parallel to said first angle of orientation of the magnet coupled to the flywheel.