Yes, it can heat and cool. It has a water jacket, the water runs between the inner stainless vat and the outer wooden (teak) wall. It is basically the same as a triple walled stainless vat except that the outer wall is wood. It can't run on steam neither can it be set up as a pasteurizer. According to the manufacturer, vats with a wooden outer wall hold the temperature better because the wood insulates better. Including shipping, handling etc, I paid about 6800 USD.
