Green chemicals company Genomatica has filed for a $100 million IPO.
The San Diego, California-based company makes petroleum alternatives to industrial chemicals.
It genetically engineers microorganisms – like E. Coli – that convert renewable feedstocks into industrial chemicals that are traditionally made from crude oil.
The company received funding from the Department of Energy, and signed a strategic agreement with Waste Management (NYSE: WM) earlier this year to advance its manufacturing processes which turn municipal solid waste into chemicals.
Although it has yet to begin selling products, it has agreements to sell 1,4-butanediol in the US, Europe and Asia in 2014. The chemical – used to make spandex, automotive plastics, running shoes etc – has a $4 billion market worldwide.
Genomatica is also developing a renewably sourced butadiene, a chemical used to make synthetic rubber.
Since the company’s founding in 1998, it has raised just over $84 million from VantagePoint Venture Partners, Bright Capital, Waste Management, Draper Fisher Jurvetson, TPG Biotech and other investors.
Share pricing and the timing of the IPO have not been announced.
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