A fastener driving tool arranged to drive fasteners into a workpiece includes at least one electric motor having a central stator and an external rotor arranged to rotate around the stator. The rotor may be in the form of a flywheel. The tool includes an energy transfer member such as a driver arranged to transfer kinetic energy from the rotor to a fastener held in the tool, thereby to drive the fastener from the tool into a workpiece. The electric motor may be a brushless motor. The tool may include two such motors, arranged such that both of their rotors propel the driver simultaneously.