Magnetic bearings used for the suspension of momentum wheels provide conclusive advantages: the low friction torques and the absence of abrasion allow the realization of lightweight high speed wheels with high angular momentum and energy storage capacity and virtually unlimited lifetime. The use of actively controlled bearings provides a magnetic gimballing capability by applying the external signals to the two servo loops controlling the rotational degrees of freedom. Thus, an attitude control system can be realized by using only one rotating mass for 3-axis active satellite stabilization