In this paper, a hybrid storage system solution consisting of flywheels and batteries with a Lithium-manganese oxide cathode and a graphite anode is proposed, for supporting the electrical network primary frequency regulation. The aim of the paper is to investigate the benefits of flywheels in mitigation of the accelerating aging that li-ion batteries suffer during the grid frequency regulation operation. For this purpose, experimental aging tests have been performed on a lithium-manganese oxide battery module and an electrical battery model which takes into account the battery aging has been developed in a Simulink environment. Then, a flywheel electrical model has been implemented, taking into account the thermal and the electromechanical phenomena governing the electrical power exchange. This more complete model of a hybrid storage system enables us to simulate the same aging cycles of the battery-based storage system and to compare the performances of the latter with the hybrid storage system. The simulation results suggest that suitable control of the power shared between the batteries and the flywheels could effectively help in countering Li-ion battery accelerated aging due to the grid frequency regulation service.