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  "documentTitle": "Danimer Scientific (DNMR)",
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  "authorName": "Carson Block",
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  "presentationDate": "2021-09-15 00:00:00",
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  "notes": "The slide is part of a short-seller report (likely) critiquing Danimer Scientific's marketing claims.",
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      "text": "One of the misleading slides that strongly implies that this PLA bag is a “PHA Customer Collaboration Case” is below.",
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      "kind": "other",
      "text": "Three-column case study layout for PepsiCo, WinCup, and Nestle.",
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      "text": "In making the case that there is robust demand for DNMR's PHA products, DNMR touts that “PepsiCo is committed to converting all their snack food packaging to recyclable, compostable, or biodegradable products by 2025.”21 According to a well-placed PepsiCo source, the PHA bag it is developing with DNMR is one to two years away from a having a final form ready for biodegradability testing. We understand that this testing can take up to a year to complete. This timeline might be surprising because DNMR’s February 3, 2021 investor presentation misleadingly features a DNMR PepsiCo bag that won a bioplastics award in three slides. DNMR previously developed this bag with PepsiCo, but it uses PLA.22,23 The bag reportedly took almost 10 years to develop. One of the misleading slides that strongly implies that this PLA bag is a “PHA Customer Collaboration Case” is below:24",
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      "kind": "quote",
      "text": "PepsiCo is committed to converting all their snack food packaging to recyclable, compostable, or biodegradable products by 2025. — DNMR Investor Call Transcript, Oct. 5, 2020.",
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      "text": "21 DNMR Investor Call Transcript, Oct. 5, 2020. 22 A source well-placed to understand PEP’s flexible packaging programs confirmed that the PEP bag described in the press release and tested in 2018 was made only of PLA, with no PHA at all. 23 https://www.recyclingtoday.com/article/pepsico-snack-bag-made-from-compostable-bioplastic/ 24 DNMR-Live Oak Feb 3, 2021 investor presentation",
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      "text": "PHA Customer Collaboration Case Studies Underscores High Customer Acceptance",
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