H&M Group and Vargas Holding launch Syre to scale textile-to-textile polyester recycling

H&M Group and Vargas Holding co-founded Syre, a venture to scale textile-to-textile recycled polyester, also backed by TPG Rise Climate. H&M Group secured a $600 million offtake agreement with Syre over seven years. Syre is building a production plant in North Carolina, USA, intended to be operational in 2024.

“H&M Group has secured an offtake agreement with Syre worth a total of USD 600 million over seven years, covering a significant share of H&M Group’s long-term need for recycled polyester.”hmgroup.com

• 1 source
• hmgroup.comH&M Group and Vargas Holding launch Syre, a new venture to scale textile-to-textile recycled polyester - H&M GroupInigo SaenzMar 6, 2024

Summarized from public sources; check the original articles before acting on it.