Life Electric Vehicles Holdings, also known as Life EV, officially owns the intellectual property, inventory, and certain operating assets of Rad Power Bikes. Life EV acquired Rad Power for $13.2 million.
Rad Power Bikes, a buzzy electric bike company that raised nearly $330 million in venture capital, filed for Chapter 11 bankruptcy protection in December. The company had struggled for months prior to its bankruptcy filing, and had warned employees it might have to shut down without new capital.
Life EV intends to keep the company intact and said it will continue retail operations under the Rad Power Bikes brand in the United States. It also plans to expand the retail footprint in select key markets. Life EV also pledged to support existing customers who might be wondering what would become of their bike warranties or even gift cards.
The Florida-based Life EV has built its business by acquiring, developing, and scaling electric bicycle and micro-mobility brands. While Rad Power is perhaps its highest-profile purchase, the company also holds an equity interest in LEV Manufacturing, Inc., which acquired the Serial 1 premium electric bicycle brand originally developed and spun off from Harley-Davidson.
In a statement, Life EV said the acquisition fits into its broader strategy of expansion across North America.
