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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