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<SEC-DOCUMENT>0000950123-09-059284.txt : 20100825
<SEC-HEADER>0000950123-09-059284.hdr.sgml : 20100825
<ACCEPTANCE-DATETIME>20091106154748
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-059284
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20091106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUEL TECH, INC.
		CENTRAL INDEX KEY:			0000846913
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		IRS NUMBER:				205657551
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		27601 BELLA VISTA PARKWAY
		CITY:			WARRENVILLE
		STATE:			IL
		ZIP:			60555
		BUSINESS PHONE:		6308454433

	MAIL ADDRESS:	
		STREET 1:		27601 BELLA VISTA PARKWAY
		CITY:			WARRENVILLE
		STATE:			IL
		ZIP:			60555

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUEL TECH N V
		DATE OF NAME CHANGE:	19930510
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y80293y8029301.gif" alt="(FUELTECH LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Submitted via EDGAR</B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November&nbsp;6, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Rufus Decker<BR>
Accounting Branch Chief<BR>
Division of Corporate Finance<BR>
United States Securities and Exchange Commission<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Fuel Tech, Inc.</B><BR>
<B>Form&nbsp;10-K for the Year Ended December&nbsp;31, 2008</B><BR>
<B>Form&nbsp;10-Q for the Period Ended June&nbsp;30, 2009</B><BR>
<B>Form&nbsp;8-K filed on July&nbsp;2, 2009</B><BR>
<B>Definitive Proxy Statement on Schedule&nbsp;14A filed April&nbsp;15, 2009</B><BR>
<B>File No.&nbsp;1-33059</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Decker:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed your October&nbsp;27, 2009 letter regarding your comments on the financial
statements and disclosures contained in the above-referenced SEC filings for Fuel Tech, Inc. (the
&#147;Company&#148;) and provide the following responses to your comments. We appreciate your comments and,
as noted below where applicable, will make the recommended changes in future filings.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2008</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>General </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SEC Comment</B>:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Where a comment below requests additional disclosures or other revisions to be made,
these revisions should be included in your future filings, including your interim filings if
applicable.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>Where applicable, we have shown the revisions and will include comparable disclosure in
future filings, including interim filings, in accordance with the Staff&#146;s comments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Intellectual Property, page 5</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SEC Comment:</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment five from our letter dated September&nbsp;3, 2009.
Please clarify whether the expiration of any single patent or group of patents may have a
material impact on your business.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>In our Form 10-K for the year ended December&nbsp;31, 2008 we disclose that the protection
provided by our patents and patent applications is substantial, and that any significant reduction
in the protection afforded by these patents could have a material adverse effect on our business.
Such a reduction could occur through the expiration of patents. Our intellectual property strategy
is to maintain and enhance sufficient intellectual property proprietary rights surrounding our
patents to effectively serve to provide us longer term proprietary protection for the Company&#146;s
products with the intention that the expiration of a particular patent or group of patents would
not, in and of itself, have a material impact on our business.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations 2008
versus 2007, page 18</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SEC Comment:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment eight from our letter dated September&nbsp;3, 2009.
Please expand/revise your discussion under results of operations for all periods to
provide the following:</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Your discussion of the 15 new units added to your customer base still does not
quantify the impact of adding these units. Please provide a more robust
discussion that provides an explanation for the increase in units as well as the
direct impact of the additional units on revenues. Your disclosure that these
coal-fired units, which average $1&nbsp;million in annual revenues once converted to
commercial status does not explain the increase of $4.1&nbsp;million in revenue from
fiscal 2007 to fiscal 2008; and</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Provide a more robust explanation for the changes in costs of sales percentage
for FUEL CHEM. Please explain the extent of the costs associated with
demonstration periods or start-up costs or quantify the amount of additional
costs incurred per new unit added.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>See Item&nbsp;</I><I>303(a)(3)</I><I> of Regulation&nbsp;S-K. Please show us supplementally what your revised
disclosure will look like.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&nbsp;31, 2008, FUEL CHEM technology segment revenues increased $4,134,
or 13%, versus 2007. We attributed this to new units and described average annual revenues
attributable to those units. This did not correlate to the revenue increase because of the timing
of the addition of the units in the course of the year. We propose to revise our description to
clarify this in the future. For our Form 10-K for the year ended December&nbsp;31, 2008, such
disclosure would have read as follows: During 2008, Fuel Tech added 15 new units to its customer
base, 13 of which were coal-fired units, the largest annual total in the Company&#146;s history. As
these units were added during 2008 they generated incremental revenues versus 2007 and were the
primary reason for the year-over-year increase in annual segment revenues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our future filings, we will eliminate the reference to the annual average revenue
contribution metric expected from each additional coal-fired unit as this metric is of limited
value in the current economic climate. Rather, we will focus the explanation of any year-over-year
revenue changes to include the incremental revenue contributed from new units added during the year
and any other market dynamics that had a material impact on current year revenues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our future filings, we will clarify the explanation of the changes in the cost of sales
percentage for FUEL CHEM to include a more detailed discussion of the costs associated with
demonstration periods or start-up costs for new units added in a reporting period. For our Form
10-K for the year ended December&nbsp;31, 2008, such disclosure would have read as follows: The cost of
sales percentage for the FUEL CHEM technology segment increased from 51% in 2007 to 55% in 2008 due
to incremental costs associated with demonstration programs and other related start-up activities
related to the record number of new incremental units noted above, especially for the
demonstrations in India and China. During 2008, the Company invested $888 and $300, primarily in
engineering labor and chemicals, for FUEL CHEM demonstration programs in India and China,
respectively. In addition, the aggregate 2008 FUEL CHEM demonstration expenses for new units in
the U.S. was approximately $930. These demonstration programs resulted in a 2008 cost of sales
percentage increase of 5.9% versus 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Liquidity and Sources of Capital, page 19</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SEC Comment:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment 10 from our letter dated September&nbsp;3, 2009.
Please disclose whether the measure that is referred to as EBITDA in your </I><I>Form 8-K</I><I> filed
on July&nbsp;2, 2009 includes other adjustments. If so, please revise your</I></TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>disclosures to
refer to this measure as Adjusted EBITDA instead of EBITDA. Please also disclose and
explain what the additional adjustments are, if necessary. Please show us supplementally
what your revised disclosure will look like.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The measure does not include other adjustments, which we propose to clarify in future filings.
As filed on our Quarterly Report on Form 10-Q for the quarterly period ended September&nbsp;30, 2009,
our disclosure read as follows: For subsequent periods, the Facility covenants included a maximum
funded debt to EBITDA ratio of 2.0:1.0 for the quarterly period ended December&nbsp;31, 2009 and a
maximum funded debt to EBITDA ratio of 1.5:1.0 for all succeeding quarterly periods until the
facility expires. Maximum funded debt is defined as all borrowed funds, outstanding standby
letters of credit and bank guarantees. EBITDA includes after tax earnings with add backs for
interest expense, income taxes, and depreciation and amortization expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Contractual Obligations and Commitments, page 20</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SEC Comment:</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment 12 from our letter dated September&nbsp;3, 2009.
Please revise your table of contractual obligations to include a line item for estimated
interest payments on your long-term debt obligation based on its current terms. Please
disclose any assumptions you made to derive your interest payments in a footnote to the
table. Please also disclose your purchase obligations in the table, if applicable.
Please show us supplementally what your revised disclosure will look like.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our future filings, we will disclose the information required by Item&nbsp;303(a)(5) of
Regulation&nbsp;S-K using the illustration referenced. For our Form 10-K for the year ended December&nbsp;31,
2008, such disclosure table would have appeared as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Payments due by period</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>Contractual obligations</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1-3 years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>3-5 years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>More than 5 years</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-Term Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated interest payments on
long-term debt obligations*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating Lease Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Long-term debt obligations consist solely of borrowings under the Company&#146;s Chinese revolving
credit facility which bears interest at a rate of 90% of the People&#146;s Bank of China (PBOC)&nbsp;Base
Rate, or 4.8%, at December&nbsp;31, 2008.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Financial Statements</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. <U>Organization and Significant Accounting Policies</U><BR>
<U>Goodwill and Other Intangibles, page 30</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SEC Comment:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>6.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment 14 from our letter dated September&nbsp;3, 2009.
You indicate that the ratio of each reporting unit&#146;s excess fair value over carrying value
to the total excess of fair value over carrying value provided the most reasonable
allocation of goodwill between the two reporting segments. The amount of goodwill
assigned to a reporting unit should be determined in a manner similar to how the amount of
goodwill recognized in a business combination is determined. Please tell us how you
determined that your allocation method is appropriate. Please specifically tell us what
consideration you gave to paragraph 34 and 35 of SFAS 142 in assigning goodwill to your
reporting units.</I></TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with paragraphs 34 and 35 of, and within the spirit and intent of SFAS 142, we
allocate goodwill between our two reporting units only after giving consideration to the expected
benefits each segment will enjoy from the net assets acquired. Prior to completing three
acquisitions in late 2008 and early 2009, the only goodwill on our balance sheet was $2,119 which
was generated from a transaction in 1998 whereby Fuel Tech, Inc. purchased the remaining 50% of the
Nalco Fuel Tech Joint Venture. The $2,119 of goodwill of was assigned to each of the two reporting
units based on the relative excess of the fair value over the carrying value of the reporting
units, based on a current determination of fair value of each of the reporting units, as discounted
cash flow projections and other records related to the business transaction were not readily
available from the 1998 transaction. As such, this high-level allocation methodology, that could
be viewed to represent a &#147;with and without&#148; computation as described in paragraph 35, was
determined to provide the most reasonable allocation of goodwill between the two reporting
segments. In our opinion, the methodology used to assign this $2,119 of goodwill at the inception
of segment reporting for the year ended December&nbsp;31, 2004, was substantially similar to how
goodwill, generated as part of a business combination, would have been allocated and is in
alignment with the intent and spirit of paragraph 35 of SFAS 142.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our recent acquisitions, additional goodwill of $19,322 was allocated to
the reporting segment that would enjoy the benefits and synergies of the net assets acquired. For
all three transactions subsequent to December&nbsp;31, 2004, the goodwill recorded was allocated to the
APC Technology segment.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Taxation, page 34</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SEC Comment:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>7.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment 17 from our letter dated September&nbsp;3, 2009.
You indicate that you will modify your table disclosure and eliminate the text reference
to the valuation allowance of $3.7&nbsp;million in future filings. Your valuation allowance
has been adjusted from $260,000 to $1.4&nbsp;million in fiscal 2008. Please help us reconcile
the modifications in your table to explain the increase in the valuation allowance as it
relates to the valuation allowance of $3.7&nbsp;million related to your Italian subsidiary.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in the &#145;Valuation allowances for deferred tax assets&#146; amount in the table
disclosure from ($260) to ($1,421) is due to the inclusion of the tax-affected $3,699 of foreign
loss carryforwards. In order to remove this amount from the text and insert it into the table
disclosure, the amount had to be tax-affected.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><I>FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 2009</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>General</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SEC Comment:</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<I>Please address the comments above in your interim filings as well.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>We will address the above comments, where applicable, in our future interim filings.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Item&nbsp;4. Controls and Procedures, page 14</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SEC Comment:</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment 30 from our letter dated September&nbsp;3, 2009. As
it applies to your management&#146;s disclosure controls and procedures evaluation and
conclusion regarding effectiveness, please clarify that your management includes your
chief executive and chief financial officers, who are two different individuals.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>For purposes of our response to comment 30 from the SEC&#146;s letter dated September&nbsp;3,
2009, management includes the Company&#146;s Chief Executive Officer and, separately, the Company&#146;s
Chief Financial Officer, who are two different individuals.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>DEFINITIVE PROXY STATEMENT ON SCHEDULE 14A FILED APRIL 15, 2009</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Compensation Discussion and Analysis</U><BR>
<U>Compensation Elements, page 8</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SEC Comment:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>10.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment 38 from our letter dated September&nbsp;3, 2009.
Please describe the &#147;individual (and)&nbsp;company operational objectives&#148; that influenced your
award of long-term incentive compensation to each of your named executive officers. See
Item&nbsp;</I><I>402(b)(2)(vii)</I><I> of Regulation&nbsp;S-K. Please show us in your supplemental response what
the revisions will look like.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in the &#147;<U>Long Term Incentives</U>&#148; portion of Exhibit&nbsp;A to our response to the
SEC&#146;s September&nbsp;3, 2009 letter, the Company&#146;s overall long-term incentives approach has been to
award stock options, principally non-qualified options, which are designed to focus management on
the Company&#146;s long-term success as evidenced by appreciation of the Company&#146;s stock price over
several years. The stock option award to each of the Company&#146;s named executive officers (&#147;NEO(s)&#148;)
that is documented in the &#147;<U><B>Summary of NEO Compensation</B></U>&#148; portion of Exhibit&nbsp;A was not tied
to the NEO performing a specific individual goal or meeting a specific company operational
objective in some formulaic fashion. Rather, it involved the exercise of business judgment by the
Compensation and Nominating Committee (&#147;Committee&#148;) in evaluating the criticality of the NEO&#146;s
position relative to the Company&#146;s long-term success, and a qualitative assessment by the Committee
regarding the NEO&#146;s overall role in contributing to that long-term success, including contributions
in the NEO&#146;s field of operations, and the NEO&#146;s leadership contributions to the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our future filings, we will appropriately disclose the information described in Item
402(b)(2)(vii) of Regulation&nbsp;S-K. For our definitive proxy statement filed on April&nbsp;15, 2009, we
would have clarified our disclosure in the &#147;<U>Long Term Incentives</U>&#148; portion of our
Compensation Discussion and Analysis by adding the last paragraph after the list of factors that
may be included which read substantially as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Long-Term Incentives</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel Tech has one equity-based employee compensation plan, formally titled the Fuel Tech, Inc.
Incentive Plan, (FTIP). The FTIP allows for a variety of types of awards that may be granted to
participants in the form of non-qualified stock options, incentive stock options, stock
appreciation rights, restricted stock, performance awards, bonuses or other forms of share-based or
non-share-based awards or combinations thereof. Participants in the FTIP may be Fuel Tech&#146;s
directors, officers, employees, consultants or advisors (except consultants or advisors in
capital-raising transactions) as the directors determine are key to the success of Fuel Tech&#146;s
business.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, Fuel Tech&#146;s overall long-term equity incentives approach has been to use the
FTIP to award stock options, principally non-qualified options, which are designed to focus
management on Fuel Tech&#146;s long-term success as evidenced by appreciation of Fuel Tech&#146;s stock price
over several years, by growth in its earnings per share and other elements. Except for option
awards to the CEO, option awards are determined by the Committee based upon recommendations from
Fuel Tech&#146;s CEO. Option awards for the
CEO are determined by the Committee with no participation of the CEO. The determination and
approval of proposed option awards is based on a variety of factors that may include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>historical option grants, by employee, by year;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>intrinsic (Black-Scholes) values for each option grant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of options available for issuance under the FTIP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supervisor recommendations for employee option grants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the estimate of expected intrinsic value (e.g., stock compensation expense) of the
aggregate option grant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fuel Tech&#146;s financial performance in light of market conditions and operational
considerations, which may be quantitative, qualitative or both;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>achievement of individual or company operational objectives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exceptional and innovative individual performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>individual contribution to a strategic goal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>leadership accomplishments; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(Also see <B>Equity Grant Practices </B>below)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2008, stock option awards granted to each of our named executive officers (&#147;NEO(s)&#148;) were
not tied to the NEO performing a specific individual goal or meeting a specific company operational
objective in some formulaic fashion. Rather, it involved the exercise of business judgment by the
Committee, the criticality of the NEO&#146;s position relative to the Company&#146;s long-term success, and a
qualitative assessment by the Committee regarding the NEO&#146;s overall role in contributing to that
long-term success including, contributions in the NEO&#146;s field of operations, and the NEO&#146;s
leadership contributions to the Company&#146;s. Please also see &#147;<U><B>Summary of NEO Compensation</B></U>&#148;
below.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>CIP Structure, page 9</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SEC Comment:</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>11.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment 35 from our letter dated September&nbsp;3, 2009.
Please explain in further detail how &#147;disclosure of your CIP Targets or the Commission
Rate would provide...competitors with important insights into forward-looking financial
metrics from (your)&nbsp;confidential operating plan...&#148; For example, please detail how
disclosure of your past performance targets would supply your competitors with the
information necessary to strategically underbid your future pricing, to identify your
prospective customers and product lines on which you plan to concentrate, and to compete
on future acquisition opportunities in ways that would not already exist absent
disclosure.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To address the Staff&#146;s additional comment and further supplement our original response to
prior comment 35, Fuel Tech respectfully submits that, for the reasons set forth below, it has
disclosed neither its past Commission Rate nor its past CIP Targets
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">because disclosure of either
could cause substantial economic harm to Fuel Tech&#146;s competitive position. Collectively, the
Commission Rate and the CIP Targets are referred to below as the &#147;Confidential Targets.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Past Commission Rate</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The structure of our commission rates does not change that much from year to year and
therefore disclosing the past Commission Rates would allow Fuel Tech&#146;s competitors and customers to
reasonably approximate Fuel Tech&#146;s current and future Commission Rates. With such information in
hand, Fuel Tech&#146;s competitors would be in a position to offer Fuel Tech sales personnel more
lucrative employment packages impeding Fuel Tech&#146;s ability to attract and retain personnel in a
highly competitive market. Disclosure of such information would also negatively affect Fuel Tech&#146;s
ability to negotiate product sale agreements on competitive terms because potential customers would
be aware of the sales commission component of the sales price and would be able to approximately
calculate such rate based on the past rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At times, Fuel Tech adopts varying commission rates including higher commission rates as an
incentive for sales of product offerings Fuel Tech believes to be key to its future growth. By
interpreting such past data, competitors could gain valuable insight into Fuel Tech&#146;s strategic
business goals and strategies, including product lines and current and potential customers,
providing such competitors an unfair advantage in competing with Fuel Tech.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Past CIP Targets</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a company of Fuel Tech&#146;s relatively small market size, CIP Targets do not vary
significantly from year to year, and thus, by disclosing past CIP Targets Fuel Tech would be
disclosing information that would be a good predictor for future targets and which could easily be
used by competitors to Fuel Tech&#146;s determent. Fuel Tech&#146;s industry is characterized by lengthy
sales processes that can extend beyond one year in making new product offerings to its customers.
Thus, the disclosure of CIP Targets for prior years involves the same likelihood of competitive
harm that would be involved in disclosing the current year&#146;s CIP Targets. For example, if a
competitor had knowledge of Fuel Tech&#146;s past EBIT and revenue targets against actual results, that
competitor would be able to determine the projected financial results necessary for us to be
profitable, thus giving them an actual competitive advantage to underbid us when competing for new
projects or acquisitions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also concerned that the disclosure of CIP Targets could cause stockholders, analysts,
competitors and customers to misinterpret goals as projections or to use CIP Targets from previous
periods in order to predict future performance through trending analyses. Such a misinterpretation
could negatively affect Fuel Tech&#146;s stock price in the future, and in turn, its ability to raise
capital through equity financings, putting Fuel Tech at a disadvantaged competitive position.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Conclusion</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the reasons discussed above, Fuel Tech respectfully submits that disclosure of its past
Confidential Targets would allow competitors and customers to reasonably approximate future targets
resulting in competitive harm to Fuel Tech.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SEC Comment:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>12.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have read your response to comment 37 from our letter dated September&nbsp;3, 2009.
Please describe in further detail the individual goals that you established for each of
your named executive officers and clearly state the level of achievement reached with
respect to each of them. In addition, please disclose whether and to what extent you
exercised business judgment to modify individual performance goals, or to adjust their
relative impact on performance pay, after such goals were initially set. See Items
4</I><I>02(b)(2)(vi)</I><I> and (vii)&nbsp;of Regulation&nbsp;S-K. Please show us in your supplemental response
what the revisions will look like.</I></TD>
</TR>


</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in the &#147;<U><B>Summary of NEO Compensation</B></U>&#148; portion of Exhibit&nbsp;A of the
Company&#146;s response to the SEC&#146;s September&nbsp;3, 2009 letter, as it relates to performance goals for
the named executive officers pertaining to bonus payments under the Company&#146;s Corporate Incentive
Plan (&#147;CIP&#148;), Mr.&nbsp;Rummenhohl did not participate in the CIP. Each of the other named executive
officers (&#147;NEO(s)&#148;), participated in the CIP. For 2008, under the CIP, each of the participating
NEOs had the same performance goals &#151; achieving the EBIT, revenue and Air Pollution Control
backlog performance targets for the Company set for the CIP for that year (&#147;Goals&#148;). Under the CIP
there were no other individualized performance goals for the NEOs. After the 2008 Goals were
originally set, those Goals were not modified, and no business judgment was exercised to adjust
their relative impact on performance pay. As described in the &#147;<I>Corporate Incentive Plan
Compensation</I>&#148; portion of Exhibit&nbsp;A, the Goals were not achieved in 2008, so no incentive pool from
which CIP bonus payments could be made was created. There were no CIP bonus payments for the 2008
CIP paid to any participating NEO or any other 2008 CIP participant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our future filings, if material, we will disclose the information described in Items
402(b)(2)(vi) and (vii)&nbsp;of Regulation&nbsp;S-K. For our definitive proxy statement filed on April&nbsp;15,
2009, the paragraph below would have been included as the penultimate bullet point in the
"<I>Corporate Incentive Plan Compensation</I>&#148; portion of our Compensation Discussion and Analysis and
would have read substantially as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;In 2008, each of the Company&#146;s named executive officers (&#147;NEO(s)&#148;), with the exception of Mr.
Rummenhohl, participated in the Company&#146;s Corporate Incentive Plan (&#147;CIP&#148;). For 2008, under the
CIP, each of the participating NEOs had the same performance goals &#151; achieving the EBIT, revenue
and Air Pollution Control backlog performance targets for the Company set for the CIP for that year
(&#147;Goals&#148;). Under the CIP there were no other individualized performance goals for the NEOs. After
the 2008 Goals were originally set, those Goals were not modified, and no business judgment was
exercised to adjust their relative impact on performance pay. As described in further detail
above, the Goals were not achieved in 2008, so no incentive pool from which CIP bonus payments
could be made was created. There were no CIP bonus payments for the 2008 CIP paid to any
participating NEO or any other 2008 CIP participant. Please also see &#147;<U><B>Summary of NEO
Compensation</B></U>&#148; below.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that, in response to the Staff&#146;s comment 24 in its September&nbsp;3, 2009 letter, we
have determined that the terms of the Securities Purchase Agreement listed as Exhibit&nbsp;10.1 to our
Annual Report on Form 10-K are no longer operative, and thus, that agreement will no longer be
included in the exhibit list.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In responding to your comments, we acknowledge that the Company is responsible for the
adequacy and accuracy of the disclosures in its SEC filings; SEC staff comments or changes to
disclosure in response to SEC staff comments do not foreclose the SEC from taking any action with
respect to the filing; and the Company may not assert SEC staff comments as a defense in any
proceeding initiated by the SEC or any person under federal securities laws of the United States.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John P. Graham
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John P. Graham&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>John F. Norris Jr.,<BR>
Chief Executive Officer</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
