Polyester is widely used in the textile industry: 60 million tons is produced each year from virgin oil and little is recycled, creating a global problem.
Founded by Vargas Holding and H&M Group, Stockholm-based textile impact firm Syre is tackling the challenge by using a new recycling method to turn old clothes into high-quality polyester, creating a greener option than new polyester.
Based on innovative technology
Dennis Nobelius, Syre’s CEO, says the company used scouts to evaluate over 20 polyester recycling technologies before it selected Premirr Plastics’ patented technology that produces a product equivalent to new polyester but reduces the CO2 emissions by 85%.
The organisation created a new playbook for hyperscaling. It recognised that it needed to operate at global level from the outset.
Off-take agreements with partners provided evidence of commitment to secure funding. Partners committed half their forecasted volume for the next seven years – a value of $600M.
Digital blueprint technology for gigafactory
In May 2024 Syre announced the signing of a $100 million Series A funding round led by TPG Rise Climate, with strategic partners including Volvo Cars and others committed to finding solutions to the world’s global challenges.
This finance will be used to build a plant based on a digital blueprint in the U.S, which will be up and running later in 2024, as well as preparations to establish the company’s first two gigascale textile-to-textile recycling plants.
The first two plants will be located in Vietnam and Iberia; both regions are strategically positioned within the textile supply chain and have a long history of a vibrant textile industry, with access to know-how, feedstock, and logistics as well as green energy.
Dennis estimates it will initially be targeting three million tonnes of production – or 3% of the market in the coming years – so there is considerable potential to increase its impact. The company is looking to gain more partners, and hope that together the textile industry will make the shift to recycled polyester.
Find out more at syre.com
