I'm not entirely sure it would actually dispose of the power stored in the battery. I think it would only reduce the batteries ability to push it out. Once it warmed up again, I suspect most of the batteries capacity would return.
I should chuck my Ni-cd in the freezer for a few hours and let it warm up again to see. Someone else should do this with a ni-mh to see if the cold effects different types in a different way.
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