Syre, the textile impact company launched by global investor Vargas and Swedish retailer H&M Group secured a $100m Series A funding round to finance the construction of a blueprint plant in the US and its first two gigascale textile-textile recycling plants in Vietnam and Iberia.
he funding will be used to begin the process of Syre’s blueprint plant in the US, set to be operational later this year and establish the company’s first two gigascale textile-to-textile recycling plants in Vietnam and Iberia, to start construction in 2025.
Syre, launched in early May, had shortlisted the two regions as both were strategically positioned with the textile supply chain and had access to feedstock, logistics, and green energy.
The funding was led by TPG Rise Climate, with additional investments from H&M Group and strategic partners including Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo Cars.
CEO of Syre Dennis Nobelius said it is “inspiring” to see the investor’s commitment to drive the green transition of the textile industry.
Joerg Metzner, business unit partner at TPG Rise Climate added: “Pairing TPG Rise Climate’s capital and global business building capabilities with Syre’s world-class team and proprietary technology creates a strong foundation for scaling the company across major manufacturing plants around the world in the coming years.”
Additionally, this equity funding has enabled Syre to fully acquire the patented technology developed by North Carolina-based Premirr. The technology, which has been developed for over nine years, is central to Syre’s recycling solution, converting post-consumer waste into circular polyester efficiently and at scale.
Nobelius praised the acquisition and said: “Although the partnership agreement was entered into last year, it is now that Premirr is fully integrated into Syre, and I’m really proud to have the founders onboard as we continue to scale the team and company.”
Syre’s R&D hub will remain in North Carolina, expanding from its base near the Research Triangle Park, where the technology was initially developed.
Source: https://www.just-style.com/