Life Electric Vehicles Holdings Acquires Rad Power Bikes
Life Electric Vehicles Holdings, known as Life EV, has officially taken ownership of Rad Power Bikes, including its intellectual property, inventory, and certain operating assets, in a $13.2 million acquisition deal.
Rad Power Bikes, a prominent electric bike company that had previously raised substantial venture capital funding totaling almost $330 million, filed for Chapter 11 bankruptcy protection in December. The company had been facing challenges for several months leading up to its bankruptcy filing, and had informed employees that it might be forced to cease operations without additional capital infusion.
Despite Rad Power Bikes’ financial struggles, Life EV has expressed its commitment to maintaining the brand and continuing retail operations under the Rad Power Bikes name in the United States. The company also has plans to expand its presence in key markets and provide support to existing customers, including honoring bike warranties and gift cards.
Based in Florida, Life EV specializes in acquiring, developing, and growing electric bicycle and micro-mobility brands. In addition to acquiring Rad Power Bikes, the company holds an equity stake in LEV Manufacturing, Inc., which acquired the premium electric bicycle brand Serial 1 that was originally launched by Harley-Davidson.
In a statement, Life EV emphasized that the acquisition of Rad Power Bikes aligns with its strategic goal of expanding its presence across North America.
