This paper describes a feasibility study of creating a small low friction and low maintenance generator using a diamagnetically stabilized levitating rotor. The planar rotor described in this paper uses a triangular configuration of magnets that generates emf by passing over coils placed below the rotor. Equations were developed to predict the generated emf from coils with two different coil geometries. Additionally, this paper provides a method for estimating optimal coil size and position for the planar rotor presented for both segmental arc and circular coils to obtain maximum power output. Experiments demonstrated that the emf generated in the coils matches well with the predicted wave forms for each case, and the optimization theory gives good prediction to outcome of induced waveforms. For the segmental arc coil design, the induced emf was 1.7 mV at a radial frequency of 21.8 rad/s. For the circular coil design, the emf was 1.25 mV at a radial frequency of 28.1 rad/s.