Based on what I saw in the video, there isn't a cool down period. To me, it looks like its based around an infinitely replenishing meter that drains as you use it.

Say for example you have 100 pts of "fuel" for your equipment. Every set amount of seconds you use it, you burn a set amount of pts. Every few seconds you gain a point or so. So you wont ever have it for an infinite amount of time, but if you balance how often you use it, then you wont run out either.

So to me, it doesnt look like there are "cool downs" for the equipment. Or maybe im just blind.