Syre
Syre is a Stockholm-headquartered textile impact company founded in 2023 that chemically recycles polyester textile waste into virgin-quality circular PET chips and fiber for global apparel, automotive, and home interior brands through long-term multi-year offtake agreements.
- Company typePrivate
- Founded2023
- HeadquartersStockholm, Sweden
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Syre does
Syre is a Stockholm-headquartered textile impact company founded in 2023 that decarbonizes the polyester value chain through chemical textile-to-textile (T2T) recycling. Its proprietary process depolymerizes polyester textile waste into monomers and repolymerizes them into virgin-quality circular PET chips and polyester fiber that serve as drop-in replacements for oil-based virgin polyester in apparel, automotive, and home interior applications. The company is pre-commercial at scale, with first commercial sales from its Mebane, North Carolina blueprint plant targeted for 2025–2026, and is planning a gigascale production facility starting in Vietnam's Gia Lai province in 2027 with operations targeted by 2029.
The company's commercial strategy centers on long-term, volume-based offtake agreements negotiated directly with C-suite and supply-chain leadership at global enterprise brands across three verticals: apparel (Nike as lead strategic supplier, H&M Group as largest bankable offtake, Target with 70,000 metric tons committed by 2030, Gap Inc. at 10,000 metric tons per year, Houdini Sportswear sourcing 50% of its polyester from Syre over three years), automotive (Volvo Cars as a founding investor), and home interior (IMAS Foundation, an IKEA/INGKA-linked investor, on the cap table). Pricing is per metric tonne under multi-year contracts and is not publicly disclosed. Syre is co-founded by H&M Group and Vargas Holding, raised a $100M Series A in May 2024, and is targeting a $500M–$700M project-finance raise to fund its first gigascale Vietnam plant (~$1B facility, 100,000–250,000 metric tons of annual PET pellet capacity, 100% renewable electricity).
The technology stack combines Syre's chemical depolymerization–repolymerization process with industrial automation partnerships (ABB MoU for distributed control systems, electrification and digitalization), chemical recycling know-how (JEPLAN, bringing a decade of operational experience from its Kitakyushu PET plant), and polymerization capacity (Selenis's European units enabling accelerated multi-ton output from the Mebane pilot line in 2025). Syre's hyperscale roadmap targets 3 million metric tons of annual circular polyester production across multiple plants by 2032 — equivalent to 16 billion t-shirts — and 15+ million metric tons of cumulative CO2e abatement.
Syre firmographics
Firmographics- Name
- Syre
- Legal name
- Syre
- Website
- https://syre.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Syre is a Stockholm-headquartered textile impact company founded in 2023 that chemically recycles polyester textile waste into virgin-quality circular PET chips and fiber for global apparel, automotive, and home interior brands through long-term multi-year offtake agreements.
- Ownership category
- akta.pro rank
Syre industry classification
Industry- Product category
- Sustainable Textile Materials
- NAICS
- Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments Manufacturing (3252), Artificial and Synthetic Fibers and Filaments Manufacturing (32522), Resin and Synthetic Rubber Manufacturing (32521), Fiber, Yarn, and Thread Mills (31311)
- SIC
- Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821), Textile Mill Products (2200), Broadwoven Fabric Mills, Man Made Fiber & Silk (2221)
- akta.pro primary industry
- Chemical Recycling & Depolymerization (e.g., PET/Polyamide/Cellulosics) (IMAOAMAC)
- akta.pro secondary industries
- Regenerated & Recycled Fiber Production (rPET/rNylon/Regenerated Cellulose) (IMAOAMAD), Chemical/Advanced Plastics Recycling (Depolymerization, Pyrolysis, Solvolysis) (IMANAMAD), Recycled & Reprocessed Polymer Resin Manufacturing (rPET, rPP, rPE; PCR/PIR resins) (IMANAAAH)
Keywords
Where Syre is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices4 records
Markets served
Syre business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Supply Chain, Technology or R&D, Personnel, Operations
Revenue model
- Long-term circular polyester offtake agreements: Syre generates revenue through multi-year, volume-based commercial offtake agreements to supply textile-to-textile recycled polyester (circular PET chips) to global brand customers across apparel, automotive, and home interior verticals. Contracts include Nike (lead strategic supplier), H&M Group (largest bankable offtake), Target (70,000 metric tons by 2030), Gap Inc. (10,000 metric tons/year), and Houdini Sportswear (50% of its polyester over three years).
- Project financing for industrial plant rollouts: Syre uses long-term brand off-take commitments to unlock project financing for the construction of large-scale recycling facilities (e.g., $700M target raise for the Vietnam gigascale plant, ~$1B facility investment). The financing is tied directly to contracted offtake volumes.
- Technology licensing and partnership-driven commercialization (implied): Syre co-develops and leverages partner IP (e.g., ABB automation, JEPLAN chemical recycling know-how, Selenis polymerization) for industrial-scale deployment. While the primary revenue model is direct material sales, the partner ecosystem supports scaling and may extend to licensed technology flows over time.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | Long-term volume-based offtake contracts (per metric tonne of circular polyester) |
Go-to-market motion3 records
Distribution channels2 records
Marketing channels6 records
Syre product offering
Product offeringCore offering
Syre chemically recycles textile waste into virgin-quality circular polyester via a proprietary depolymerization-repolymerization process, supplying circular PET chips and finished circular polyester fiber to global enterprise brand customers. Its commercial portfolio centers on two named outputs (circular PET chips as the intermediate polymerization feedstock, and circular polyester as the finished recycled fiber) used as a drop-in replacement for oil-based virgin polyester across apparel, automotive, and home interior verticals.
Product overview
Syre's offering is a focused, vertically integrated circular polyester supply business rather than a multi-module software platform. Its commercial portfolio centers on two named products: Circular Polyester (the finished recycled fiber sold to brand partners) and Circular PET Chips (the intermediate PET resin feedstock produced from chemically depolymerized textile waste). The PET Chips feed Syre's own polymerization and downstream fiber output, which yields Circular Polyester — meaning the two products are tightly linked stages of the same chemical-recycling value chain rather than independent modules. Syre scales output through Blueprint plants (e.g., Cedar Creek, NC) and planned gigascale facilities to supply brand launch partners such as H&M, Nike, Target, Gap, and Houdini.
Differentiator
Problem solved
Functional benefit
Products and services
- Circular Polyester Recycled polyester fiber produced via chemical depolymerization of textile waste, intended as a drop-in, virgin-quality replacement for fossil-based polyester in apparel, footwear, and home textiles. Supplied to enterprise brand customers under multi-year offtake agreements.
- Circular PET Chips Polyethylene terephthalate (PET) chips produced from chemically recycled textile waste, supplied as a polymerization feedstock that downstream mills convert into new polyester fiber, yarn, and other PET applications.
Companies that use Syre
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
Syre technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Syre partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered flagship customer (multi-billion-dollar retailer), cornerstone technology and operational partner, cornerstone industrial partner, flagship customer and lead strategic supplier relationship, launch partner (anchor customer), government mou (originally planned gigascale site), industry coalition co-founder, polymerization partner (operational), acquired entity (operational capability) and host province for first gigascale plant.
- Target Corporationflagship customer (multi-billion-dollar retailer)Expanded partnership to integrate 70,000 metric tons of Syre's textile-to-textile recycled polyester into Target's apparel and home categories by 2030, supporting Target's 2040 circularity goals. Builds on 2025 launch partnership.
- JEPLAN, INC.cornerstone technology and operational partnerStrategic partnership to accelerate textile-to-textile polyester recycling technology and commercialization. JEPLAN brings over a decade of chemical recycling experience from its PET chemical recycling plant in Kitakyushu, Japan; targets multi-ton recycled polyester volumes by late 2026 suitable for spinning validation and brand product line samples.
- ABBcornerstone industrial partnerMemorandum of Understanding to jointly explore ABB's automation, electrification, and digital technologies for Syre's first gigascale textile-to-textile recycling plant in Vietnam's Gia Lai province. Activities to run in parallel with detailed engineering phase; covers distributed control systems, digital industrial software, and electrification portfolio.
- Nikeflagship customer and lead strategic supplier relationshipMulti-year agreement making Syre Nike's lead strategic supplier for textile-to-textile recycled polyester. Syre's circular polyester will be integrated into Nike's core performance lines, with first products expected within the next few years. Used by Syre as anchor offtake to secure project financing for the Vietnam gigascale plant.
- Gap Inc.launch partner (anchor customer)Launch partnership ahead of Syre's commercial launch. Gap Inc. has committed to 10,000 metric tonnes of Syre's circular polyester per year.
- Houdini Sportswearlaunch partner (anchor customer)Launch partnership under which Houdini will source 50% of its polyester from Syre over three years. Both companies are headquartered in Stockholm; Houdini co-founder Eva Karlsson is a long-time circularity advocate.
- Binh Dinh Province (Vietnam)government mou (originally planned gigascale site)Memorandum of Understanding with Binh Dinh Province of Vietnam (signed April 25, 2025) with the intention of establishing a gigascale recycling plant. Subsequent engineering work shifted the chosen site to Gia Lai province, but the MoU represents an early strategic engagement with Vietnamese national and provincial authorities.
- Textile-to-Textile (T2T) Allianceindustry coalition co-founderCoalition of leading textile-to-textile recyclers (Syre, Circ, Reju, Renewcell/Circulose, Epoch Biodesign, and others) formed in March 2025 to urge policy action boosting the circular textile industry, including Extended Producer Responsibility and recycled content targets in Europe.
- Selenispolymerization partner (operational)Strategic partnership to establish textile-to-textile recycling and polymerization primarily via Selenis's European polymerization units, combined with Syre's pilot line in Mebane, NC. Enabled accelerated move to multi-ton scale faster than originally planned.
- Premirr Plasticsacquired entity (operational capability)Syre acquired North Carolina-based Premirr Plastics, expanding its operational footprint in the United States and supporting the blueprint plant and broader North American build-out.
- Gia Lai Province (Vietnam)host province for first gigascale plantGia Lai Province is the chosen site for Syre's first gigascale textile-to-textile recycling plant in Vietnam. The province has pledged support for direct renewable power purchases (targeting 100% renewable electricity, up to 200 MW by 2050) and has over 4,300 MW of operational renewable capacity. Investment plan to be announced at Gia Lai investment promotion conference.
Scale indicators14 records
Recent moves9 records
Expansion highlights6 records
Syre competitors and assessment
Company assessmentDirect peers
- Renewcell (Circulose): Renewcell developed Circulose, a dissolving pulp-based cellulose recycling technology, and was a leading textile-to-textile recycler. It filed for bankruptcy in early 2024 before being acquired. Directly comparable as a T2T recycler serving apparel brands at scale.
- Reju: Reju is a Frankfurt-based joint venture between Technip Energies and IBM focused on chemical recycling of polyester into virgin-quality PET. Directly comparable as a T2T polyester depolymerization player and a co-founding member of the T2T Alliance alongside Syre.
- Circ: Circ is a US-based textile-to-textile recycler using a hydrothermal process to recover cellulose and polyester from blended fabrics. Directly comparable as a T2T recycler targeting apparel brands and a T2T Alliance co-founding member.
- JEPLAN: JEPLAN operates the Kitakyushu PET chemical recycling plant in Japan, with over a decade of operational experience in textile-to-textile polyester recycling. JEPLAN is both a Syre technology partner and a comparable T2T recycler with similar ambitions.
- Carbios: Carbios is a French biotech company developing enzymatic depolymerization of PET into monomers for repolymerization into virgin-quality polyester. Directly comparable as a chemical/biological recycling technology for circular PET targeting apparel brands.
- Aquafil (Econyl): Aquafil's Econyl brand chemically depolymerizes nylon waste (carpets, fishing nets, fabric waste) back into caprolactam for infinite regeneration. Comparable as a chemical recycling player producing virgin-quality circular fiber for apparel and carpet brands.
Broad incumbents
- Eastman (Naia Renew): Eastman is a major US specialty materials company whose Naia Renew cellulose acetate fiber uses chemically recycled feedstock. Comparable as a large incumbent offering circular/recycled fiber solutions to apparel and home textile brands at scale.
- Indorama Ventures: Indorama Ventures is the world's largest PET producer and a major rPET supplier to textile and packaging markets. Comparable as an incumbent recycler of PET at scale pursuing both bottle-to-fiber and chemical recycling pathways.
- SABIC: SABIC is a global petrochemicals major producing polymers, including certified circular polyolefins and polyesters under its Trucircle portfolio. Comparable as a broad incumbent with circular resin offerings targeting apparel, automotive, and packaging customers.
Emerging players
- Worn Again Technologies: Worn Again Technologies is a UK-based PET-and-cotton recycler using a polymer and cellulose separation process to produce recycled polyester and cellulose feedstock. Comparable as an emerging T2T recycler serving apparel brands with circular polyester ambitions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Syre social profiles
Digital presenceSyre financial estimates
Financial estimateRevenue estimate
Valuation estimate
Syre leadership team
Management profileNumber of profiles
Profiles13 records
Syre subsidiaries and ownership
Company hierarchySubsidiaries1 record
Syre funding detail
Funding detailFunding overview
Funding rounds2 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Syre M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Syre
What does Syre do?
Syre chemically recycles textile waste into virgin-quality circular polyester via a proprietary depolymerization-repolymerization process, supplying circular PET chips and finished circular polyester fiber to global enterprise brand customers. Its commercial portfolio centers on two named outputs (circular PET chips as the intermediate polymerization feedstock, and circular polyester as the finished recycled fiber) used as a drop-in replacement for oil-based virgin polyester across apparel, automotive, and home interior verticals.
Is Syre a public or private company?
Syre is a private company. It is classified as venture growth investor backed and is currently operating.
When was Syre founded?
Syre was founded in 2023. It employs 11 to 50 people.
Where is Syre based?
Syre is headquartered in Stockholm, Sweden, in the Europe region.
How does Syre make money?
Three revenue lines are on record. Long-term circular polyester offtake agreements are the primary driver. The others are project financing for industrial plant rollouts and technology licensing and partnership-driven commercialization (implied).
Who are Syre's main competitors?
Direct peers on record are Renewcell (Circulose), Reju, Circ, JEPLAN, Carbios and Aquafil (Econyl). Broad incumbents are Eastman (Naia Renew), Indorama Ventures and SABIC. Worn Again Technologies is listed as an emerging player.
Does Syre have an API?
No public API is recorded for Syre.
What industry is Syre in?
Syre's product category is Sustainable Textile Materials. Its primary akta.pro industry code is IMAOAMAC, Chemical Recycling & Depolymerization (e.g., PET/Polyamide/Cellulosics), with a secondary code of IMAOAMAD, Regenerated & Recycled Fiber Production (rPET/rNylon/Regenerated Cellulose). Its NAICS code is 3252 and its SIC code is 2821.