$100M Series A funding fuels Syre’s mission to decarbonize the textile industry by scaling textile-to-textile polyester recycling.
H&M Group inks $600M offtake deal, securing a major share of Syre’s future recycled polyester output.
Global expansion plan includes 10–12 plants by 2032, targeting over 3 million metric tons of production and 15 million tons of CO₂e abatement.
Syre, a textile-to-textile recycling startup launched by H&M Group and impact investor Vargas, has raised $100 million in Series A funding to make circular polyester production a hyperscale reality within the next few years.
With the global textile industry contributing 10% of CO₂e emissions and less than 1% of its output currently from recycled textiles, Syre’s goal is urgent and ambitious. The Sweden-based company plans to decouple the polyester supply chain from crude oil by enabling infinite recyclability of existing polyester garments.
“By implementing textile-to-textile recycling at hyperscale globally in only a few years’ time, we aim to show that a true shift in the textile industry can be done, and that it can be done fast,” said Emma Stjernlöf, Syre’s Chief Communications and People Officer.
At launch, H&M Group committed to a $600 million offtake agreement over seven years, securing a significant portion of its recycled polyester from Syre. The company will begin with polyester, which makes up 80% of synthetic fiber use and 54% of the global textile market.
Syre’s proprietary technology—acquired through the full integration of North Carolina-based Premirr—uses chemical depolymerization to break polyester waste down into BHET, which is then re-polymerized into PET, matching virgin polyester in quality and performance.
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“We want to ensure all existing polyester is recycled again and again instead of producing new,” Stjernlöf explained.
“Syre offers a plug-and-play solution for the existing value chain, enabling quick adoption with no switching costs for all polyester-heavy industries.”
TPG Rise Climate led the Series A round, with backing from H&M Group, Volvo, IMAS Foundation, Giant Ventures, and Norrsken VC.
“We look forward to accelerating the decarbonization of the textile industry through Syre’s unique textile-to-textile recycling process,” said Joerg Metzner, Partner at TPG Rise Climate.
“Pairing our capital and global capabilities with Syre’s world-class team and proprietary tech creates a strong foundation for scale.”
The first production plant is under construction in North Carolina and is expected to begin operations later this year with a 10,000-metric-ton capacity. Two additional gigascale plants—each producing up to 250,000 metric tons—are slated to follow in Vietnam and Iberia, with construction starting in 2025.
By 2032, Syre aims to operate 10 to 12 plants across North America, Europe, and Asia, collectively producing over 3 million metric tons of recycled polyester annually and abating more than 15 million metric tons of CO₂e.
“We have the financial model, investors, and playbook to scale rapidly,” said Stjernlöf.
While the initial focus is on polyester, Syre’s platform is fiber-agnostic, with plans to expand into additional materials to further close the loop in textile manufacturing.
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