This paper is concerned with maximum efficiency or power tracking for pneumatically-driven electric generator of a stand-alone small scale compressed air energy storage system (CAES). In this system, an air motor is used to drive a permanent magnet DC generator, whose output power is controlled by a buck converter supplying a resistive load. The output power of the buck converter is controlled power such that the air motor operates at a speed corresponding to either maximum power or maximum efficiency. The maximum point tracking controller uses a linearised model of the air motor together with integral control action. The analysis and design of the controller is based on a small injected-absorbed current signal-model of the buck converter. The controller was implemented experimentally using a dSPACE system. Test results are presented to validate the design and demonstrate its capabilities.