Syre establishes itself as the great bet for textile-to-textile recycling. The textile waste chemical recycling company has closed a financing round for one hundred million euros. The investment has been led by the two founding partners, the also Swedish H&M and the TPG Rise Climate investment fund.
The operation has also given entry to Syre’s capital to new investorssuch as the Volvo car company, the Imas foundation (owner of most of the Ikea store network) and the investment funds Giant Ventures and Norrsken VC.
Syre is specialized in a chemical recycling process for polyester textile waste, which allows it to obtain quality fiber to form new garments from this waste. The main value of the company lies, however, in the ability to take these processes on a large scale and produce industrial volumes of recycled textile, one of the great challenges of the chemical recycling industry today.
The objective of the round is precisely advance in the construction of two large plants in a period of two years, which will have the capacity to generate 250,000 tons of fiber each, as Modaes advanced. To this end, Syre is targeting Vietnam and Spain and Portugal as the future locations for these plants due to their “strategic location.”
Syre plans to produce up to 250,000 tons of fiber in the two new factories
“Both regions are strategically positioned in the textile supply chain and they have a long history with the sector, which allows them to have access to a know howinventory, logistics and renewable energy sources,” the company has assured.
The financing round has also allowed Syre acquire all of this patented technologywhich has been developed for more than nine years by the American company Premirr.
For now, The company operates through a smaller plant located in the United States, close to where the recycling process initially originated and where they operate on a purely commercial scale. In 2024, Syre expects this factory to produce a total of 10,000 tons of recycled polyester fiber.
“We are excited to see how some of the most ambitious investors in the world have joined our project to lead change within the textile industry,” added Syre CEO, Dennis Nobelius.
Syre was born two years ago thanks to a first investment from the Swedish distribution giant H&M and Vargas Holding worth 600 million euros within seven years, which was later joined by TPG Rise Climate. Its appearance responds to the growing need of many companies in the sector to source recycled textile fibers to achieve their sustainability goals, in a sector that is not yet capable of reproducing these technologies on a large scale.
