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  "documentTitle": "Danimer Scientific (DNMR)",
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      "text": "DNMR's plan to spend at least ~$600 million to ~$700 million on capacity expansion strikes us as a way to justify its stock price more than anything else.",
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      "text": "DNMR's plan to spend at least ~$600 million to ~$700 million on capacity expansion strikes us as a way to justify its stock price more than anything else. The first clue that DNMR is winging its production planning is its constantly shifting expansion plan...",
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      "text": "Even if DNMR and PepsiCo can develop a PHA bag in the next few years, it is far from certain that PepsiCo will want to use it. We understand that PepsiCo is exploring a variety of options to achieve its sustainable packaging goal...",
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      "text": "According to a PepsiCo manager with whom we spoke, the recently released “Off the Eaten Path” brand bag made with DNMR materials is also made from PLA compounds. Recent DNMR inventory increases in 1Q21 and 2Q21 may also have been related to its launch. — Footnote 25",
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