Nowadays energy storage is strongly needed to allow grid safety and stability due to the wide penetration of renewable plants. Mainly economic and technological issues impede a relevant integration of conventional storage devices in the energy system. In this scenario, the hybridization of different storage technologies can be a techno-economic solution useful to overcome these issues and promote their diffusion. Hybridization allows multi-operation modes of the Energy Storage System (ESS), merging the positive features of base-technologies and extending their application ranges. This paper provides a dynamic analysis of a hybrid energy storage system (H-ESS) consisting of a flywheel and a battery pack coupled to a photovoltaic generation plant and a residential load up to 20 kW. A dynamic model of the overall micro-grid (MG) was developed implementing the H-ESS preliminary sizing and a suitable management algorithm. The instantaneous behavior of each component was evaluated. A brief summary of the MG performance at different weather and load conditions was provided together with a characterization of the impact of power fluctuations on the battery current and on the power exchange with the grid.