Circular economy startup Syre announced that it has signed an agreement with the province of Binh Dinh, Vietnam with the intention to establish the company’s first “Gigascale” textile-to-textile recycling plant in the province.
Founded in 2024, Syre was launched by fashion and design brands company H&M Group and impact-focused venture investor Vargas, to enable the mass production of textile-to-textile recycled materials, and provide a closed loop solution for the clothing industry. Syre aims to support the decarbonization and waste reduction efforts of the textile industry through recycling, starting with Polyester, which accounts for up to 40% of the sector’s emissions.
The company raised $100 million in a Series A financing round last year, announcing that the capital will be used to finance the construction of a new blueprint plant in the U.S., and to establish its first gigascale textile-to-textile recycling plants. At the time, Syre stated that it had shortlisted Vietnam and Iberia as the locations for its first two plants.
According to Syre, a gigascale plant will be designed to produce 100,000 – 250,000 metric tons of circular polyester annually. The company said that Vietnam was chosen for the plant due to its strategic positioning within the textile supply chain. The company added that t will work together with the province to ensure key criteria are met for an investment decision, including access to an industrial park close to infrastructure, green energy, feedstock and a pilot mechanism with license to import recyclable textile material from surrounding countries.
Syre CEO Dennis Nobelius said:
“We are grateful and encouraged by the strong support expressed by the Vietnamese government. Syre has an ambition to support Vietnam in its green transition and as a global leader in the circular textile industry. The partnership with the BinhDinh Province will, with the right conditions in place, be a great opportunity to jointly lead the textile shift. We now need to work together to get all fundamentals in place for an investment decision.”
