Abstract: A system and a method are provided for cooling devices and recovering waste heat. A plurality of heat absorption devices in direct or indirect thermal contact with a plurality electronic devices, and comprise channels to receive an evaporable working liquid, which becomes a first 2-phase mixture having a first liquid portion and a first vapor portion upon absorption of heat from the devices. At least one compressor compresses the first vapor portion to form a compressed vapor having elevated pressure and temperature. At least one heat exchanger condenses the compressed vapor to liquid so as to release the heat. An expansion device is used to expand the liquid to provide a second 2-phase mixture comprising a second liquid portion and a second vapor portion. In at least one vapor-liquid separator, the first liquid portion and the second liquid portion are fed back to the plurality of heat absorption devices. The second vapor portion is fed back to the at least one compressor.