Etymology
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flywheel (n.)

also fly-wheel, "heavy-rimmed revolving wheel to regulate motion," 1784, from fly (n.) "speed-regulating device" (1590s, from fly (v.1)) + wheel (n.).

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Definitions of flywheel

flywheel (n.)
regulator consisting of a heavy wheel that stores kinetic energy and smooths the operation of a reciprocating engine;
From wordnet.princeton.edu