Before the costume, Pepsiman was known by the name Caleb Bradham. He was a pharmacist that was secretly studying soda recipes. He always believed that sodas should taste better. Coca-Cola just wasn't cutting it, even though it had the good stuff. He didn't amount to much in life and thought that if he could make the best soda in American History, he could have plenty of money.
One night, while walking the usual nature trail, Caleb noticed what looked to be a meteor crash. To his surprise he found a weird space-goo. He didn't think much of it, even though it suddenly disappeared. When he went back to his house he had an amazing idea for a soda recipe. He made the soda and took the first sip.
Apparently, there was a little bit of space-goo on Caleb's shoe that went inside the soda. After drinking the soda, the space-goo bonded with him and made his body turn into silver, blue, and red suit.
This became the first Pepsiman suit.
The first thing Caleb did was start a company using his ingredient for Pepsi as the main product. He got rich.
Caleb then came to the realization that these powers could do some real good. He then became a superhero fighting in the name of Pepsi and justice. He stopped several bank robberies and other smaller things until the first super villain emerged.
This person had powers long before Pepsiman did, but only decided to use them when Pepsiman made his first appearance. This man was the Cokeman.
Early Battles With Cokeman
Cokeman had very similar powers to Pepsiman, yet for some reason a lot of people think Cokeman's powers are better. Strange. Anyway Cokeman decided that he would threaten to destroy a bank. People worked at that bank, so Pepsiman decided that he wouldn't let Cokeman destroy it. The first battle went fairly quickly with a Pepsiman victory.
There were several other battles with Cokeman.
One of them was a time when Cokeman actually destroyed that bank. Pepsiman got so mad that he nearly killed Cokeman. This had major impacts on the next battle of Pepsiman, and the last battle of Caleb Bradham.
Pepsiman realizing what he was capable of, decided to quit being a superhero. Cokeman, being ashamed of being beaten by Pepsiman, formed a group of villains. This team consisted of Cokeman, Orange Fanta, Red Fanta, Purple Fanta, and Mystery Fanta. The Fantas were new villains.
Caleb's Last Battle
Cokeman and his group started trashing another bank, causing Pepsiman to swoop in again despite the fact that he quit super-life. Cokeman stayed behind while he sent the Fanta Girls to attack Pepsiman.
Pepsiman managed to hold of the Fanta Girls, but very barely. Cokeman wasn't expecting Pepsiman to lose the battle, which was why he was preparing a new form of power.
Cokeman had been practicing his alien powers and discovered that he reached a new level that Pepsiman hadn't grasped. He started to attack Pepsiman using his normal power. Once Pepsiman started winning, Cokeman used his new level of power, called Cokeman Zero.
Pepsiman was losing this battle and he knew if he lost, he would probably be killed. This determination to win sparked a new power inside of him. He too reached a new form, called Pepsiman MAX.
Pepsiman and Cokeman both realized that this power was too strong, and killing them. Cokeman thought it would be worth it to die while killing Pepsiman. Caleb, however, knew that their bodies would end up exploding, killing plenty of other people.
Pepsiman brought the battle at Earth's first atmosphere level, where he and Cokeman exploded, killing them.
The second Pepsiman, as well as the most recent, is actually named Max Bepo.
Max Bepo was a college student when he became Pepsiman. He was a nerdy, but athletic, 18-Year old kid that stumbled across the suit when he drank Pepsi for the first time. Apparently the suit was lying in one bottle that the kid happened to pick up. Some luck.
He drank the Pepsi and a new suit emerged. The suit was more blue than silver, but otherwise relatively the same suit.
Max Bepo as Pepsiman is still alive in the comics universe. He is leading a team of super heroes and a member of the Revengers.
Most people that were writing Pepsiman were so lazy that they didn't end up coming up with more than 4 villains. Seven, if you count all the Fanta Girls. There was, of course, Cokeman. In the 90s writers decided to recreate Cokeman because cocain was now illegal. It was always illegal, people just didn't enforce it until the 90s, hence the 70s disco era.