Petrochemical companies should be petrified of biochemical startups like Genomatica. The company is developing chemicals derived from sugar, a renewable feedstock, instead of fossil fuels. Genomatica's chemicals can be used as a building block in a variety of synthetic products. So far it's produced small batches of bio-butanediol (Bio-BDO), an intermediate chemical used in spandex, urethane foams found in shoes, and engineering thermoplastics used in electronics and automobiles. It is also developing butadiene made from renewable feedstock. The basic chemical is used in tires, carpet, and latex products. Genomatica filed an initial public offering seeking $100 million in 2011.