Vietnam shortlisted for first giga-scale textile-to-textile recycling plant
Stockholm, Sweden-based Syre, which was initiated by Vargas and H&M Group, and launched in March, has received funding to help establish the company’s first two giga-scale textile-to-textile recycling plants, one of which could be located in Vietnam.
The US$100m Series A funding round was led by founding investor TPG Rise Climate and was joined by an additional investment from H&M as well as several strategic partners, including Giant Ventures, IMAS Foundation, Norrsken and Volvo Cars.
The funding will finance the construction of a blueprint plant in the US, which will be in operation later this year, as well as preparations to establish Syre’s giga-scale recycling plants.
For the full story, see the June 2024 edition of Textiles South East Asia.
Image: Syre