TPG invests in Syre
Initiated by Vargas and H&M Group, Syre launches to decarbonize the textile industry through textile-to-textile recycling at hyperscale.
The aim is to provide a recycled polyester yarn of equivalent quality to virgin polyester, but with less impact on the planet. The company is building a production plant in North Carolina, USA, which is expected to be operational in 2024. Within ten years, the aim is to have twelve plants around the world operating at full capacity, producing more than three million tonnes of recycled polyester.
TPG Rise Climate has joined as a founding investor, bringing extensive experience scaling climate solutions globally.
Mannheimer Swartling advised Syre in the transaction and assisted with the establishment of the company.
