Featured is a hybrid permanent magnet/homopolar power producing device and methods related thereto. The device includes first and second portions, the portions being arranged to have a common long axis and so one portion is moving with respect to the other portion. The first portion includes a stator, and a modulating field winding that generates a magnetic field responsive to a DC current therethrough. The second portion includes a support member having a mounting surface, a plurality of permanent magnets and steel poles affixed to the mounting surface, and being arranged thereon so as to form an alteration of steel and permanent magnet poles. The first and second portions and the support member are configured and arranged so each permanent magnet and each steel pole oppose a surface of the stator, so the permanent magnet flux passes between the permanent magnets, the stator and the steel poles, and so the magnetic flux generated by the modulating field winding emerges from each steel pole so as to selectively increase or decrease the permanent magnet flux. The first portion also includes a stator support structure and the first and second portions are configured and arranged so the stator support structure is spaced from the second portion support structure so the flux path between each permanent magnet and an adjacent steel pole is primarily circumferential and so the flux path for flux from the modulating field winding is primarily axial.