A stabilization system for a rotating load, such as a flywheel, includes a mechanical bearing to continuously support a shaft of the rotating load so as to hold the shaft at a substantially fixed axis of rotation. A magnetic stabilization assembly includes a plurality of electromagnets arranged around the shaft. Control circuitry for controls a resultant magnetic field generated by the electromagnets such that the magnetic field acts on a ferromagnetic element of the shaft to reduce imbalance forces acting on the shaft.