Life Electric Vehicles Holdings, also known as Life EV, officially owns Rad Power Bikes’ intellectual property, inventory, and certain operating assets. Life EV acquired Rad Power for $13.2 million.
Rad Power Bikes, a vibrant electric bike company that has raised nearly $330 million in venture capital, filed for Chapter 11 bankruptcy protection in December. The company had been struggling for months before filing for bankruptcy and warning employees it might have to close without new capital.
Life EV said it plans to keep the company intact and will continue its retail operations in the U.S. under the Rad Power Bikes brand. We also plan to expand our retail footprint in some key markets. Life EV has also promised to support existing customers who are wondering what will happen to their bike warranties or gift cards.
Florida-based Life EV has built its business by acquiring, developing and expanding electric bicycle and micromobility brands. Rad Power is probably the highest profile purchase, but the company also owns a stake in LEV Manufacturing, Inc., which acquired the Serial 1 premium electric bike brand originally developed and spun off by Harley-Davidson.
Life EV said in a statement that the acquisition fits into its broader expansion strategy across North America.
