University of Michigan researchers have developed a device for harnessing the energy in slow water currents called a VIVACE. By imitating the swimming strategy of a school of fish it is able to generate electricity in currents under three knots.

VIVACE is a potentially very significant advancement in harnessing renewable energy since a vast majority of the Earth’s currents fall below the three-knot range.

Good news for the renewable energy industry as today, the Senate voted to pass the President’s economic stimulus plan. But there’s another round of voting in both houses of Congress before the president can sign it into law. During last night’s prime time televised news conference, President Obama openly discussed his plan with reporters, specifically referencing his investment plans for the renewable energy industry.

Obama said, “More than 90 percent of the jobs created by this plan will be in the private sector. These will not be make-work jobs, but jobs doing the work that America desperately needs done — jobs rebuilding our crumbling roads and bridges, and repairing our dangerously deficient dams and levees so that we don’t face another Katrina,” he said. “They will be jobs building the wind turbines and solar panels and fuel-efficient cars that will lower our dependence on foreign oil.”

When the media pressed Obama about specific points in his spending plan, specifically – his plans for green investments, Obama laid down the law.

“Why would that be a waste of federal money?” asked Obama. “We’re creating jobs immediately by weatherizing homes – and we’re saving money for taxpayers $2 billion when it comes to federal buildings.”

“We can have a respectful debate about whether or not we should be involved in energy policy, but don’t call it wasteful spending,” he said.

With more than 11 million Americans now out of work, Obama spent much of the news conference defending a package that Republicans say is too big.

Final passage is expected tomorrow and Obama has said he wants a final bill signed by the end of this week.

Google CEO Eric Schmidt says despite the political debate, we should consider renewable energy over nuclear because “it’s cheaper.”