the theory with ice storage is to use a small refrigeration unit to
build ice [ lh 144 btu/lb ] then use to cold water to cool buildings or
other spaces during high heat loads /
one could also store the heat from the high side of refrigeration as well /
I believe a more accurate statement would be that the theory is to make ice during periods when electrical energy is off-peak and costs less. Typically at night.
Ice is used because it has a relatively high energy density (as stated 144 btu/lb heat of fusion, plus the dT between the freezing point and the delivery temperature i.e. another 12 btu/lb if the chilled water supply temperature is 44 degrees).
It takes more energy to make ice than chilled water. Probably something approaching a 20% efficiency penalty (i.e. ice at 32 degrees vs water at 44 degrees). Therefore there must be sufficient financial incentive in the electric rates to justify the relatively expensive and bulky ice storage system.
There are several different ice storage system, that are considerably different in how they function. Google- Calmac, ice harvesting, ice storage and the various manufacturers will have schematics available.
There are also different strategies of implementing ice storage. One could have a big enough system so that during peak hours, the chiller compressors would never have to run. Or one could have a system where the day-time chiller is base loaded and the ice storage is used to shave peak loads.
Controlling of off-peak storage systems often is problematic especially ice storage systems. From my experience, I estimate that a significant percentage of ice storage systems are operating far from their optimum. Some are operated so poorly, the owner would be better off if it was shut down.