•A HYPES system prototype using a reversible centrifugal pump was implemented.•An innovative multiphysics dynamic model was validated by comparison to experiments.•Variable pressure operation can be managed by the machine angular speed control.•The system performance was evaluated for efficiency and power control strategies. The increasing development of storage systems connected to electrical networks is stimulated by network management issues related to recent energetic landscape evolutions such as the increasing integration of renewable production sources. Hydro-pneumatic systems seem to offer a clean and cheap energy storage solution among the set of existing storage techniques. The present study analyses an air–water direct contact accumulation system, in closed cycle, using a rotodynamic reversible pump/turbine. The use of a unique energy conversion machine and easy-to-recycle materials could lead to cost-effective, environmentally friendly storage technique with long service life. The paper is focused on the experimental implementation and analysis of the system in a Lab environment, and the modeling of its multi-physic dynamic behavior. To deal with the variable operating conditions of the system, two different real time control strategies of the hydraulic machine were successfully tested. Finally, the global system efficiency is discussed. The efficiency control strategy was achieved with a 31% round trip efficiency and the power control strategy lead to 5% and 23% precision on exchanged power in charge and discharge modes respectively. The multi-physic dynamic model led to a 4% error of turbine mode acceleration prediction showing the interest of such a modeling method for such transient systems.