According to Bloomberg news agency, talks with lenders and investors will begin in six months, and the plan is to begin construction of the factory in 2027, with the goal of opening for production in 2029.
The investment comes after Syre, headquartered in Stockholm, secured a major contract with Nike, the world's leading manufacturer of sportswear and footwear. H&M, Gap, Target and Houdini Sportswear are already customers of Syre.
Syre AB – which specializes in using recycled textiles in its production – was started two years ago by the clothing chain H&M and the investment company Vargas Holding, with Harald Mix and Carl-Erik Lagercrantz. The company raised $100 million in 2024 to build a production facility in North Carolina, USA.
