A device for storing kinetic energy including a base assembly supporting a central vertical shaft and having a first ring of magnets mounted thereabout at a first radial distance from the central vertical shaft; and a rotatable disc rotatably mounted on the central vertical shaft and vertically displaceable on the central vertical shaft, the rotatable disc having a fixedly mounted second ring of magnets that are radially spaced from the central vertical shaft by approximately the first radial distance, wherein the rotatable disc weightlessly levitates above the first ring of magnets and has reduced gyroscopic precession forces.