The paper presents the investigation of a prototype cold accumulator using water−ice latent heat for the cold storage process. The concept of the cold accumulator was based on a 200-L-capacity cylindrical storage tank in which spherical capsules filled with water were placed. Beds of polypropylene capsules with diameters of 80 mm, 70 mm, and 60 mm were used in the tests. The cold accumulator operated with a water−air heat pump. Based on the test results, the following parameters were calculated: the cooling capacity, cooling power, energy efficiency of the cold storage, and energy efficiency ratio (EER) of the accumulator. The obtained measurement results were described with mathematical relationships (allowing for measurement error) using criterial numbers and the developed “Research Stand Factor Number” (RSFN) index. It has been found that, for the prototype cold accumulator under investigation, the maximum values of the cooling capacity (17 kWh or 85.3 kWh per cubic meter of the accumulator), energy efficiency (0.99), and EER (4.8) occur for an RSFN of 144·10−4. The optimal conditions for the operation of the prototype cold accumulator were the closest to laboratory tests conducted for a bed with capsules with a diameter of 70 mm and a mass flow of the water−glycol mixture flowing between the accumulator and the heat pump of 0.084 kg/s. During the tests, no significant problems with the operation of the prototype cold accumulator were found.