# 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.

- Type: Partnership
- Announced: 2024-03-06
- Where: North Carolina, United States
- Value: $600.0M
- Status: announced
- Products: recycled polyester yarn
- Sectors: [Industrial Textiles](https://endata.com/sectors/industrial-textiles.md)

## Companies

- [Syre](https://endata.com/companies/41816.md)
- [TPG Rise Climate](https://endata.com/companies/21064.md) (investor)
- [H&M](https://endata.com/companies/34140.md) (partner)
- [Vargas Holding](https://endata.com/companies/73339.md) (partner)

## Sources

- [hmgroup.com](https://hmgroup.com/news/hmgroup-and-vargas-holding-launch-syre/), 2024-03-06: "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."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.