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Syre raises USD 100 million to construct textile-to-textile recycling plants
Waste Recovery & Management Tech
May 23, 2024
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Waste Recovery & Management Tech

Waste Recovery & Management Tech

May 23, 2024

Syre raises USD 100 million to construct textile-to-textile recycling plants

Funding

  • Syre, a textile-to-textile polyester recycling firm, has raised USD 100 million in a funding round spearheaded by TPG Rise Climate, with participation from the H&M Group, Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo Cars.

  • Syre plans to use the funds to begin constructing its blueprint plant in the US in 2024 and establish two gigascale textile-to-textile recycling plants in Vietnam and Iberia, with the construction anticipated to begin in 2025. Syre also used the funding to fully acquire polyester recycling technology developed by North Carolina-based firm Premirr. The company reports that its research and development center will remain in North Carolina.

  • Analyst QuickTake: Syre was launched in March 2024 by H&M Group with backing from Vargas Holding and TPG Rise Climate to recycle post-consumer waste efficiently and at a large scale into circular polyester. At launch, Syre also had an offtake agreement valued at USD 600 million to supply H&M with recycled polyester over a seven-year period.

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