In this paper, a novel flywheel energy storage device, called the flexible power conditioner, which integrates both the characteristics of the flywheel energy storage and the doubly-fed induction machine, is proposed to improve power system stability. A prototype is developed and its principle, composition, and design are described in detail. The control system is investigated and the operating characteristics are analyzed. The test results based on the prototype are presented and evaluated. The test results illustrate that the prototype meets the design requirement on power regulation and starting, and provides a cost-effective and effective means to improve power system stability.