A generator and/or electrical motor features elongated electromagnets which extend coaxially, not radially, about the axis of rotation of the axle, thus allowing multiple rings of magnets to be used. A chassis carries the electromagnets with the air gap surfaces of the electromagnets extending sideways, free of coils, into the air gaps with the plural rings of field magnets. Gearing arrangements may allow the ends of the can and the rings of field magnets mounted thereon to counter-rotate relative to one another. There may be four, eight or other numbers of rings of field magnets.