Activating an electromagnet to drop the weight isn't suitable for this application. I need a passive failsafe, meaning even if all the electronics fail, it will still drop the weight when the batteries run out.
The electromagnets I have get 30 N from 6 volts at 200 mA, so I know alkaline batteries are capable of supplying the force. It's just a matter of getting an electromagnet which can work through 3 mm plastic.
I'm making a submarine, and the plastic is the hull of the vessel. I'm trying to avoid any sort of hull penetration whatsoever. This means I don't have to deal with weakening the structure, or trying to waterproof the electronics. So, running wires through the plastic is out.
Although I would love an excuse to try explosive bolts, they violate both the passive failsafe and hull penetration rules.