The direct integration of phase change materials (PCM) into refrigeration and air conditioning systems through compact modules is an identified literature gap. In response to the literature gap, this paper provides a detailed energy analysis of a novel compact thermal energy storage module, that allows its direct integration into a refrigeration system as the evaporator. The study addresses key aspects of thermal energy storage (TES) and heat transfer mechanism that complement the previous analyses of the novel concept. Here the total energy stored in the module (including in all auxiliary parts), the charging/discharging power, and the behaviour of the module when used as a TES module and as a heat exchanger (HEX) are assessed. The results demonstrate the feasibility of the module to work as a TES and as a HEX. When working as a TES, complete charging and discharging was achieved, and 54% of the total energy was stored in the PCM although the PCM only accounts for around 14% of the total mass. Moreover, the highest charging/discharging power was obtained within the temperature range where most of the phase change occurred. When the module works as a HEX, it initially charges/discharges partially until a thermal equilibrium is achieved and the level of charge responds to the variation in the energy supply and demand. This work was partially funded by the Ministerio de Ciencia, Innovación y Universidades de España (RTI2018-093849-B-C31 - MCIU/AEI/FEDER, UE) and by the Ministerio de Ciencia, Innovación y Universidades - Agencia Estatal de Investigación (AEI) (RED2018-102431-T). The authors would like to thank the Catalan Government for the quality accreditation given to their research group GREiA (2017 SGR 1537). GREiA is a certified agent TECNIO in the category of technology developers from the Government of Catalonia. This work is partially supported by ICREA under the ICREA Academia programme. Boniface Dominick Mselle would like to thank Programa Santander Predoc UdL for his research fellowship.