Parallel elastic actuators (PEAs) have shown the ability to reduce the energy consumption of robots. The problem with regular PEAs is that it is not possible to freely choose at which instant or configuration to store or release energy. This paper introduces the concept and the design of the Bi-directional Clutched Parallel Elastic Actuator (BIC-PEA*), which reduces the energy consumption of robots by loading and unloading the parallel spring in a controlled manner. The concept of the BIC-PEA consists of a spring that is mounted between the two outgoing axes of a differential mechanism. Those axes can also be locked to the ground by two locking mechanisms. At any position, the BIC-PEA can store the kinetic energy of a joint in the spring such that the joint is decelerated to zero velocity. The spring energy can then be released, accelerating the joint in any desired direction. In our prototype of 202 g, the energy that can be stored in the spring is 0.77 J. When disengaged, the friction that the mechanism adds is negligible. The current maximum over-all efficiency is 62 %, which is about 55% more than what generally can be achieved by recapturing the energy electrically. Its relatively high efficiency and controllability make the BIC-PEA a promising concept for reducing the energy consumption of robots.