COPENHAGEN – Polyester textile-to-textile recycling start-up Syre, which was formed through a partnership with investors Vargas and H&M has successfully completed a $100 million Series A funding round that will allow it to buy the patented chemical recycling technology of North Carolina-based company Premirr.
Syre which has already negotiated a commitment from H&M to buy $600 million of its recycled polyester output over a seven year period, will now integrate Premirr technology into its business, as it looks to expand and scale its operation across the globe targetting first with production in Vietnam and the Iberian peninsula of Spain and Portugal.
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