<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>srz9813907v2.txt
<DESCRIPTION>FUEL-TECH N.V.
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ----------------

                                  SCHEDULE 13G
                                 (Rule 13d-102)
                                ----------------

              INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO
                   RULES 13d-1(b), (c) AND (d) AND AMENDMENTS
                    THERETO FILED PURSUANT TO 13d-2 UNDER THE
                         SECURITIES EXCHANGE ACT OF 1934
                               (Amendment No. 3)*

                                 Fuel-Tech N.V.
                                (Name of Issuer)

                          Common Stock, par value $.01
                         (Title of Class of Securities)

                                    359523107
                                 (CUSIP Number)

                                December 31, 2004
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
     [X] Rule 13d-1(b)
     [ ] Rule 13d-1(c)
     [ ] Rule 13d-1(d)



                              (Page 1 of 12 Pages)
-----------

     * The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.


     The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).



<PAGE>

Schedule 13G/A
CUSIP NO. 359523107                                     Page 2 of 12 Pages

     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
             Phaeton International (BVI) Ltd.
             None
------------------------------------------------------------------------
     (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3) SEC USE ONLY

------------------------------------------------------------------------
     (4) CITIZENSHIP OR PLACE OF ORGANIZATION
                British Virgin Islands
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    403,600
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    403,600
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
            403,600
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
            2.1%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
            CO
------------------------------------------------------------------------


<PAGE>

Schedule 13G/A
CUSIP NO. 359523107                                    Page 3 of 12 Pages

     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
            Phoenix Partners, L.P.
            13-6272912
------------------------------------------------------------------------
     (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3) SEC USE ONLY

------------------------------------------------------------------------
     (4) CITIZENSHIP OR PLACE OF ORGANIZATION
           New York
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    463,506
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    463,506
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
            463,506
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
            2.4%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
            PN
------------------------------------------------------------------------


<PAGE>


Schedule 13G/A
CUSIP NO. 359523107                                    Page 4 of 12 Pages

     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
             Phoenix Partners II, L.P.
             84-1631449
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
             Delaware
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    132,894
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    132,894
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
            132,894
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
            0.7%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
            PN
------------------------------------------------------------------------


<PAGE>

Schedule 13G/A
CUSIP NO. 359523107                                   Page 5 of 12 Pages

     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
             Morgens, Waterfall, Vintiadis & Co., Inc.
             13-2674766
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
                New York
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,000,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,000,000
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
            1,000,000
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
            5.1%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
            IA
------------------------------------------------------------------------


<PAGE>


Schedule 13G/A
CUSIP NO. 359523107                                    Page 6 of 12 Pages

     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
           Edwin H. Morgens
           ###-##-####
------------------------------------------------------------------------
     (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3) SEC USE ONLY

------------------------------------------------------------------------
     (4) CITIZENSHIP OR PLACE OF ORGANIZATION
                United States
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    25,000
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,000,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    25,000
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,000,000
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
            1,025,000
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
            5.3%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
            IN
------------------------------------------------------------------------


<PAGE>

Schedule 13G/A
CUSIP NO. 359523107                                    Page 7 of 12 Pages

     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
           John C. Waterfall
           ###-##-####
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                               (a)  [ ]
                                                               (b)  [X]
------------------------------------------------------------------------
     (3)  SEC USE ONLY

------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
            United States
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,000,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,000,000
------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
            1,000,000
------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                        [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
            5.1%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
            IN
------------------------------------------------------------------------


<PAGE>

Schedule 13G/A
CUSIP NO. 359523107                                           Page 8 of 12 Pages


     The Schedule 13G/A filed on March 8, 2004 is hereby amended and restated by
this Amendment No. 3 to the Schedule 13G/A.

ITEM 1(a).  NAME OF ISSUER:
              Fuel-Tech N.V.

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
              Castorweg 22-24, Curacao, Netherlands Antilles

ITEM 2(a).  NAME OF PERSON FILING:
               This Schedule 13G is filed jointly by (a) Phaeton International
               (BVI) Ltd. ("Phaeton"), (b) Phoenix Partners, L.P. ("Phoenix"),
               (c) Phoenix Partners II, L.P. ("Phoenix II"), (d) Morgens,
               Waterfall, Vintiadis & Company, Inc. ("Morgens Waterfall"), (e)
               Edwin H. Morgens ("Morgens") and (f) John C. Waterfall
               ("Waterfall" and together with the persons listed in paragraphs
               (a) through (e), the "Reporting Persons").

               Phaeton, Phoenix and Phoenix II are hereinafter sometimes
               collectively referred to as the "Advisory Clients".

ITEM 2(b).  ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:
               The business address of each of the Reporting Persons is 600
               Fifth Avenue, 27th Floor, New York NY 10020.

ITEM 2(c).  CITIZENSHIP:
               Phoenix is a limited partnership organized under the laws of the
               State of New York. Phoenix II is a limited partnership organized
               under the laws of the State of Delaware. Phaeton is an exempted
               company organized in British Virgin Islands. Morgens Waterfall is
               a corporation organized under the laws of the State of New York.
               Each of Morgens and Waterfall are United States citizens.

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:
               common stock, par value $.01

ITEM 2(e).  CUSIP NUMBER:
               359523107

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:

           (a)  [ ] Broker or dealer registered under Section 15 of the Act

           (b)  [ ] Bank as defined in Section 3(a)(6) of the Act

           (c)  [ ] Insurance Company as defined in Section 3(a)(19) of the
                    Act

           (d)  [ ] Investment Company registered under Section 8 of the
                    Investment Company Act of 1940

           (e)  [ ] Investment Adviser registered under Section 203 of the
                    Investment Advisers Act of 1940: see Rule
                    13d-1(b)(1)(ii)(E)


<PAGE>

Schedule 13G/A
CUSIP NO. 359523107                                           Page 9 of 12 Pages

           (f)  [ ] Employee Benefit Plan, Pension Fund which is subject to
                    the provisions of the Employee Retirement Income Security
                    Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)

           (g)  [ ] Parent Holding Company, in accordance with Rule
                    13d-1(b)(ii)(G);

           (h)  [ ] Savings Associations as defined in Section 3(b) of the
                    Federal Deposit Insurance Act;

           (i)  [ ] Church Plan that is excluded from the definition of an
                    investment company under Section 3(c)(14) of the Investment
                    Company Act of 1940;

           (j)  [x] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

         IF THIS STATEMENT IS FILED PURSUANT TO Rule 13d-1(c),
         CHECK THIS BOX.                                           [ ]

ITEM 4.  OWNERSHIP.
      A. Phaeton International (BVI) Ltd.
         (a) Amount beneficially owned: 403,600
         (b) Percent of class: 2.1%
         (c)(i) Sole power to vote or direct the vote: -0-
           (ii) Shared power to vote or direct the vote: 403,600
          (iii) Sole power to dispose or direct the disposition: -0-
           (iv) Shared power to dispose or direct the disposition: 403,600

      B. Phoenix Partners, L.P.
         (a) Amount beneficially owned: 463,506
         (b) Percent of class: 2.4%
         (c)(i) Sole power to vote or direct the vote: -0-
           (ii) Shared power to vote or direct the vote: 463,506
          (iii) Sole power to dispose or direct the disposition: -0-
           (iv) Shared power to dispose or direct the disposition: 463,506

      C. Phoenix Partners II, L.P.
         (a) Amount beneficially owned: 132,894
         (b) Percent of class: 0.7%
         (c)(i) Sole power to vote or direct the vote: -0-
           (ii) Shared power to vote or direct the vote: 132,894
          (iii) Sole power to dispose or direct the disposition: -0-
           (iv) Shared power to dispose or direct the disposition: 132,894

      D. Morgens, Waterfall, Vintiadis & Co., Inc.
         (a) Amount beneficially owned: 1,000,000
         (b) Percent of class: 5.1%
         (c)(i) Sole power to vote or direct the vote: -0-
           (ii) Shared power to vote or direct the vote: 1,000,000
          (iii) Sole power to dispose or direct the disposition: -0-
           (iv) Shared power to dispose or direct the disposition:
                1,000,000

<PAGE>

Schedule 13G/A
CUSIP NO. 359523107                                          Page 10 of 12 Pages


      E. Edwin H. Morgens
         (a) Amount beneficially owned: 1,025,000
         (b) Percent of class: 5.3%
         (c)(i) Sole power to vote or direct the vote: 25,000
           (ii) Shared power to vote or direct the vote: 1,000,000
          (iii) Sole power to dispose or direct the disposition: 25,000
           (iv) Shared power to dispose or direct the disposition: 1,000,000

      F. John C. Waterfall
         ((a) Amount beneficially owned: 1,000,000
          (b) Percent of class: 5.1%
          (c)(i) Sole power to vote or direct the vote: -0-
            (ii) Shared power to vote or direct the vote: 1,000,000
           (iii) Sole power to dispose or direct the disposition: -0-
           (iv) Shared power to dispose or direct the disposition: 1,000,000

ITEM 5.     OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
               Not applicable.

ITEM 6.     OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
               Morgens Waterfall is an investment adviser registered under
               Section 203 of the Investment Advisers Act of 1940, as amended.
               The business of Morgens Waterfall is the rendering of financial
               services and as such it provides discretionary investment
               advisory services to each of the Advisory Clients. In such
               capacity, Morgens Waterfall holds for the accounts of the
               Advisory Clients, the foregoing shares of Class A Membership
               Units. Under the rules promulgated by the Securities and Exchange
               Commission, Morgens Waterfall and its principals may be
               considered "beneficial owners" of securities acquired by the
               Advisory Clients. There is no agreement or understanding among
               such Advisory Clients to act together for the purpose of
               acquiring, holding, voting or disposing of any such securities.
               Each such Advisory Client has the right to receive or the power
               to direct the receipt of dividends from, or the proceeds from the
               sale of, the securities held in such person's account. No such
               Advisory Client has any foregoing rights with respect to more
               than five percent of the class of securities identified in Item
               2(d).

               Morgens is the Chairman and is also a Director of Morgens
               Waterfall. Waterfall is the President of Morgens Waterfall and is
               also a Director. Morgens Waterfall has no other officers and one
               additional director. The primary occupations of Morgens and
               Waterfall are to act as the principals in the business of Morgens
               Waterfall.

ITEM 7.     IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
            THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.


<PAGE>

Schedule 13G/A
CUSIP NO. 359523107                                          Page 11 of 12 Pages


              Not applicable.

ITEM 8.     IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
               Not applicable.

ITEM 9.     NOTICE OF DISSOLUTION OF GROUP.
               Not applicable.

ITEM 10.    CERTIFICATION. (if filing pursuant to Rule 13d-1(b))
               By signing below each Reporting Person certifies that, to the
               best of its knowledge and belief, the securities referred to
               above were acquired and are held in the ordinary course of
               business and were not acquired and are not held for the purpose
               of or with the effect of changing or influencing the control of
               the issuer of the securities and were not acquired and are not
               held in connection with or as a participant in any transaction
               having that purpose or effect.


<PAGE>


Schedule 13G/A
CUSIP NO. 359523107                                          Page 12 of 12 Pages




                                   SIGNATURE

      After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.

DATED:  February 14, 2005


                                    /s/  JOHN C. WATERFALL
                                    ------------------------
                                    John C. Waterfall,
                                    as attorney-in-fact for
                                    the Reporting Persons


</TEXT>
</DOCUMENT>