This paper presents an alternate method of underwater energy storage utilizing an object's inherent buoyancy as a means for storage known as buoyancy battery energy storage (BBES). Utilizing a simple pulley, reel and float mechanism, energy can be stored for an indefinite period of time. Governing equations of charge and discharge are defined through application of Archimedes principle of buoyancy for an ideal system. Inefficiencies, losses as well as potential application configurations are presented and discussed. Basic experimental validation was completed to confirm system properties of constant discharge force with respect to both float position and storage duration.