The goal of this research was to evaluate the potential of homopolar electrodynamic magnetic bearings for flywheel energy storage systems (FESSs). The primary target was a FESS for Low Earth Orbit (LEO) satellites, however, the design can also be easily adapted for Earth-based applications. The main advantages of Homopolar Electrodynamic Bearings compared to more conventional Active Magnetic Bearings (AMB) are simplicity and very low power ratings of their electronics. These result in higher system reliability, which is a critical factor for space applications. For commercial applications, these technologies may equally be found very attractive due to a potentially lower cost when compared to AMB.