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Years ago GM had an electric Corvette concept design that used a flywheel for electrical storage. Whatever became of the idea of using flywheels for storage?
 

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Not for cars

Flywheels do not have a very high energy density. Comparable with a lead-acid battery.

Furthermore they work like a gyroscoop on your car. If the axe is horizontal, you can not very easy turn left or right.

If the axe is vertical, you will notice something when you are the end of the hill (upwards or downwards).

Flywheels are good in giving in large amount of energy in short time. They have also a good round-trip efficiency and they don't deteriorate as with batteries.

Lucas
 

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As far as the technology goes, there is a company, Beacon Power (BCON), that has commercialized the concept on a large scale and is using it to create flexible storage on the electric grid.

http://finance.google.com/finance?client=ig&q=BCON
Here is a quote from their site:

A more recent Beacon Power flywheel design proposes an integrated system of 10 higher-power (25 kWh) flywheels, interconnected in a matrix to provide energy storage for utility-grade applications. The Smart Energy Matrix™ is designed to deliver megawatts of power for minutes, providing highly robust and responsive frequency and voltage regulation capabilities for increased grid reliability.


Don't get all excited about flywheels. They are great for instantaneous UPS like applications but only for a short amount of time. They are big and expensive but can provide a heck of a lot of power (for a short time). They will not be used for a replacement for the Volt's battery because if one was installed with that much storage capability it would adversely affect the driving performance(as another poster already mentioned). Hold a bicycle wheel in your hands and have someone spin it very hard. Sit in a swivel chair while doing this. As you move the wheel (holding by the axle) you will spin in your chair. Inertia and momentum baby.
 
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