The young, innovative recycling startup Syre has raised an extra US $ 100 million in a fresh round of funding, according to a press release.
The first recycling and manufacturing facility in the United States will be established using the funds raised, and it is anticipated to begin operations by the end of 2024.
Furthermore, the funds have enabled Syre to acquire patented technology for recycling, which enables post-consumer textile waste to be converted into circular polyester in a way that is quickly scalable globally. These funds will also be utilised to prepare for the establishment of textile-to-textile recycling facilities worldwide.
Syre reported in the release that it has its eye on Vietnam and Iberia, Spain, as locations for the facilities, adding, “Both regions are strategically positioned within the textile production chain and have a long history of a vibrant textile industry, with access to knowledge, supply and logistics alongside green energy.”
The H&M Group and Vargas Holding launched Syre with the goal of concentrating on polyester-based textile-to-textile recycling.
As a result, the company wants to dissuade people from using virgin polyester and recycling bottles into textiles. Recycled polyester, interestingly, is now frequently derived from plastic bottles, even though the bottle business has its own circular economy.
Although recycled polyester has long been scrutinised, interest in it has recently increased. PET bottles that have been collected provide a large portion of the recycled polyester utilised in the fashion industry. PET bottles are reusable, but polyester bottles cannot usually be recycled using the methods used today. Recycled polyester can therefore only be downcycled after usage.
