The testing and subsequent data analysis of a liquid to liquid thermoelectric heat exchanger configured to provide cooled water to a heat load are discussed in the following paper. In the test apparatus, water flow rates and temperatures are recorded. From previously obtained heat transfer data for each heat exchanger plate, and from previous thermoelectric heat exchanger analysis work by Campbell et al. [1] and Luo [2], a model is developed and fit to the current data. Various scenarios are then developed to explore the performance of the thermoelectric heat exchanger in multiple operating modes.