Abstract: A two-phase valve is provided, including a valve body configured for being at least partially immersible in a liquid phase of a working fluid. The valve body includes a first valve arrangement and a second valve arrangement. The first valve arrangement defines a first flow path for enabling venting vapor phase of the working fluid therethrough when the first valve arrangement is open, and the first valve arrangement is configured for selectively closing the first flow path when the liquid phase of the working fluid has a liquid level not less than a first threshold value. The second valve arrangement defines a second flow path for enabling passage of the liquid phase of the working fluid therethrough when the second valve arrangement is open, and the second valve arrangement is configured for selectively closing the second flow path when the liquid level of the liquid phase of said working fluid is not less than a second threshold value. The second threshold value is lower than the first threshold value.