Syre

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.

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

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

• Textile-to-textile recycling
• Circular polyester production
• Chemical recycling polyester
• PET depolymerization
• Sustainable textile materials

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Supply Chain, Technology or R&D, Personnel, Operations

Revenue model

1. 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).
2. 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.
3. 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

Go-to-market motion3 records

Distribution channels2 records

Marketing channels6 records

Core 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.

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

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)Strategic or Co-development Partner · 11 May 2026Expanded 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 or Co-development Partner · 1 April 2026Strategic 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 partnerTechnology or Integration · 31 March 2026Memorandum 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 relationshipStrategic or Co-development Partner · 11 November 2025Multi-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)Strategic or Co-development Partner · 24 June 2025Launch 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)Strategic or Co-development Partner · 24 June 2025Launch 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)Strategic or Co-development Partner · 25 April 2025Memorandum 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-founderStrategic or Co-development Partner · 5 March 2025Coalition 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 or Co-development Partner · 30 October 2024Strategic 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)Strategic or Co-development Partner · 24 May 2024Syre 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 plantStrategic or Co-development PartnerGia 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

Direct 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

• LinkedInlinkedin.com/company/syre

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Syre