Rad Power Bikes‘ run as an independent electric bike manufacturer is over, but the brand will live on following the closure of the Seattle-based company’s acquisition by Life Electric Vehicles Holdings, Inc. (Life EV).
Life EV announced Thursday that its court-approved asset acquisition had been completed as part of Rad’s bankruptcy process. The South Florida-based company was the highest bidder in a Jan. 22 auction for the Rad brand, intellectual property, inventory, and certain operating assets.
Life EV paid $13.2 million for Rad, the high-flying startup that was once valued at $1.65 billion and branded itself as one of the largest sellers of e-bikes.
“Rad Power Bikes has helped define the e-bike category in North America with its innovative products and passionate rider community,” Rob Provost, CEO of Life EV, said in a statement. “Respecting and preserving that legacy — its brand, vision, and leadership — is foundational to this acquisition. Together, we will build on that trust and create new opportunities for riders nationwide.”
GeekWire reached out to Life EV for details on the fate of remaining Rad employees in Seattle and the company’s operations in its hometown. We’ll update this story when we hear back.
Following the closing of the transaction, Life EV said it plans to expand “U.S.-based assembly initiatives, enhanced quality control, and an accelerated pipeline of innovative products.” The company also said that it will continue retail operations under the Rad Power Bikes brand in the U.S. and plans to expand the retail footprint in select key markets.
Rad has seven remaining stores, including its flagship headquarters store in Seattle’s Ballard neighborhood as well as Berkeley, Huntington Beach, Santa Barbara, and San Diego, Calif.; Denver; and Salt Lake City.
Life EV also said it intends to support Rad riders through post-closing customer programs, including honoring certain warranties and gift cards in accordance with the terms of the asset purchase agreement.
Deerfield Beach, Fla.-based Life Electric Vehicles was founded in 2018. The company assembles globally sourced bike components at its 31,000 square-foot production headquarters, according to its website.
In November 2023, Life EV acquired Serial 1, the in-house electric bicycle company originally started by motorcycle maker Harley-Davidson.
The company said it plans to transition Rad’s production to the U.S. through affiliated manufacturing operations utilizing a Foreign Trade Zone structure. Life EV called it an “integrated manufacturing approach” that reflects a long-term vision for “scalable operations, bringing component sourcing, assembly, quality control, inventory management, and distribution together through the broader Life EV platform.”
Rad Power Bikes launched in 2015 with a direct-to-consumer model and sub-$2,000 e-bikes aimed at casual riders.
The company saw demand surge nearly 300% during the COVID-19 pandemic. Rad raised more than $300 million in 2021 and branded itself as North America’s largest e-bike seller.
But the momentum faded in 2022 as demand cooled and a series of missteps and macroeconomic challenges led to more than seven rounds of layoffs.
The startup, originally founded by Mike Radenbaugh and Ty Collins, filed for Chapter 11 bankruptcy protection in December 2025 following surprising news in November that the company was fighting for survival as it faced “significant financial challenges.”
In its bankruptcy filing, Rad revealed a steady drop in gross revenue — from $129.8 million in 2023 to $103.8 million in 2024, and $63.3 million toward the end of 2025. The company reported total liabilities of nearly $73 million, more than double its assets of $32 million.
Related:
- Rad Power Bikes sells for $13.2M as asset auction attracts bidders for bankrupt e-bike maker
- The rise and fall of Rad Power Bikes: From breakout success to the brink of shutdown
- Rad Power Bikes’ biggest unpaid bill is $8.3M to U.S. Customs, as tariffs squeeze the industry
- Rad Power Bikes closing stores in Vancouver, B.C., and Florida; 7 more will remain open
- New CEO leading Rad Power Bikes in the midst of e-bike seller’s bankruptcy proceedings
