Life Electric Vehicles Holdings, commonly referred to as Life EV, has officially acquired the intellectual property, inventory, and select operational assets of Rad Power Bikes for a total of $13.2 million. This acquisition marks a significant step for Life EV in the electric mobility sector.
Rad Power Bikes, a prominent name in the electric bike industry, previously secured nearly $330 million in venture capital. However, the company faced challenges that led to its Chapter 11 bankruptcy filing in December. Prior to this, Rad Power had warned its workforce about potential shutdowns without new funding, showcasing the difficulties it encountered.
Despite the recent turmoil, Life EV is committed to maintaining the integrity of Rad Power Bikes. The company plans to continue retail operations under the Rad Power Bikes brand throughout the United States and aims to broaden its retail presence in key markets. Life EV has also reassured existing customers regarding their bike warranties and gift cards, ensuring continuity and support.
Based in Florida, Life EV has established itself by acquiring and developing various electric bicycle and micro-mobility brands. This acquisition of Rad Power Bikes is considered its most notable yet, complementing its portfolio, which also includes an investment in LEV Manufacturing, Inc., the company behind the premium Serial 1 electric bicycle brand, originally created by Harley-Davidson.
In a statement, Life EV emphasized that this acquisition aligns with its broader strategy to expand its footprint across North America, enhancing the landscape of electric mobility.
