Earlier quoted context omitted.
IceBear went out of business with the opposite tech: tanks of water storing the cold generated from excess AC cycles. Cheap electricity can make cold, and then a fan can convert the cold water into cold air during peak hours when electricity was costlier. Fans still took electricity to run, but it'd only be a few hundred watts to run air-conditioning rather than kilowatts of power.
How long ago was this? The idea seems simple enough and would really benefit from the increasing glut of renewables. Even better, unlike a sand battery, you can potentially cycle it for several months of summer, by offsetting consumption by just a few hours feels like it could be economically viable. Then again, the competition is general purpose batteries which can be used all year and probably require less maintena…
I'm hoping someone recreates it. It's just a few fans, a tub of water, a pump, and a slightly modified heat pump/air conditioner unit that can safely run down to 50F or so.
It's already viable for stadiums and other public events.