Our team's carbon nanotube (CNT) reinforced carbon fiber composite system enables substantially improved flyhweel specific energy (kW-hr/kg) in the near term and long term that enables many NASA energy storage and power management applications especially when coupled with very reliable high speed low-loss bearing systems (e.g., Balcones Technologies high temperature superconducting magnetic bearings). The prime space applications are those where long term (greater than five years) operation, extremely low losses, and high reliability are at a premium. The energy density and cycle life of 100,000 cycles of the flywheel rotor for this system greatly exceeds that of available battery technology, leading to a lower cost over the life of the device. Applications that could benefit from this technology range from satellites, to long term space labs like the ISS, to lunar colonies, or explorations. Terrestrial applications include community energy storage systems, power and energy management, and backup for launch facilities or data centers. The technology can also be applied to high altitude long endurance air vehicles which could support NASA's Airborne Science, Atmospheric Composition and Radiation Sciences, Ocean Biology and Biogeochemistry, and Applied Sciences programs as well as the Integrated Ocean Observing System (IOOS).