New impact venture Syre launches with a mission to decarbonize textile industry

STOCKHOLM – March 6, 2024. Initiated by Vargas and H&M Group, Syre today launches to decarbonize and dewaste the textile industry through textile-to-textile recycling at hyperscale, starting with polyester. Supported by an industry ground-breaking offtake supply agreement with H&M Group, Syre will establish multiple production plants producing circular polyester across the globe, reducing CO2e emissions by up to 85% compared to the production of oil-based virgin polyester[1].“Syre marks the start of the great textile shift. We envision a world where every textile fiber sees a new day. By