A transition towards renewable energy sources is needed to reduce emissions and the growing reliance on fossil fuels. Sea waves represent one of the most promising sources of renewable energy. The Inertial Sea Wave Energy Converter (ISWEC) is a floating device devoted to the conversion of waves kinetic energy into electric energy. This conversion is performed by exploiting the gyroscopic moment provided by a spinning rotor. An ISWEC prototype has already been deployed. The current rotor is mounted on roller bearings which are the main source of power losses due to friction and heating. This thesis is carried out in the context of replacing the mechanical bearings with active magnetic bearings with the purpose of reducing energy losses.