This concept was used for small boat stabilisation at least 15 years ago. A friend investigated it as it was much simpler to install than the conventional fin systems that I had. I was not convinced about its ability but will google around and see if it's still being manufactured.
This has been used for years in US for high peak demands to help level the grid at local distributions. There are limitations as to quantity of energy capable to release before recharge. They are brilliant at covering sudden peaks in demand. A bit like supper capacitors. Unfortunately it hasn’t picked up in popularity, due to high cost and failure rate. The failure of one of the flywheels are almost catastrophic. Most of these installations are underground for safety and still a very high cost to build. Another version of harnessing energy that is picking up, is gravity instead of kinetic. Much more controllable and a lot safer than few tons spinning at very high rpm.
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