Following the closure of a $100m Series A funding round in May last year, Syre identified Vietnam as a potential site for its plant.
It evaluated potential locations based on a set of stringent criteria and Vietnam was selected considering its role within the global textile supply chain and its extensive industry expertise.
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Essential factors for site selection include proximity to an industrial park, availability of green energy and recyclable textile materials, and a pilot mechanism permitting the import of renewable textile materials from neighbouring nations.
The MoU signifies a collaborative effort between Syre and Binh Dinh Province to ensure these prerequisites are satisfied before finalising the investment.
During a meeting on 23 April in Hanoi, Syre presented its proposed project to Vietnam’s Prime Minister Pham Minh Chinh.
Syre CEO Dennis Nobelius said: “We are grateful and encouraged by the strong support expressed by the Vietnamese government. Syre has an ambition to support Vietnam in its green transition and as a global leader in the circular textile industry.
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By GlobalData“The partnership with the BinhDinh Province will, with the right conditions in place, be a great opportunity to jointly lead the textile shift. We now need to work together to get all fundamentals in place for an investment decision.”
In the coming ten years, Syre plans to develop multiple gigascale textile-to-textile recycling plants across the globe, thus contributing to a closed-loop system that converts textile waste into circular polyester regionally.
Each gigascale facility is projected to produce between 100-250,000 metric tonnes (mt) of high-grade PET chips annually. These ventures are expected to create approximately 600 jobs per plant, spanning roles from skilled manufacturing positions to technical specialists and operational support personnel.
In November last year, speciality polyester producer Selenis and Syre announced a strategic partnership to establish a textile-to-textile recycling plant in Cedar Creek, North Carolina by mid-2025.
