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In the present paper, design and economics of the novel type of thermal control system for data center cooling using heat pipe based cold energy storage system has been proposed and discussed. Two types of cold energy storage system namely: Ice storage system and cold water storage system are explained and sized for datacenter with heat output capacity of 8800 KW. Basically, the cold energy storage will help to downsize the chiller and decrease its runtime that will save electricity related cost and decrease green house gas emissions from the electricity generation. The proposed cold energy storage system can be connected in the existing datacenter facilities without major design changes. Out of the two proposed systems, ice based cold energy storage system is mainly recommended for small to medium size datacenters which are located in very cold locations and offers long term seasonal storage facility. Water based cold energy storage system provides more compact size with short term storage (hours to days) and is potential for both small to large size datacenters with yearly average temperature below the cold storage water temperature (~ 25°C). The cold water storage system is sized on the basis of metrological conditions in Poughkeepsie, USA. As an outcome of the thermal and cost analysis, an optimum size of cold energy storage system should be designed to handle 60% of the yearly datacenter load. Preliminary results obtained from the experimental system design to test the ice formation potential of the heat pipe based cold energy storage system has shown good result and validated the proposed concept.