Life EV completes acquisition of Rad Power Bikes

Life Electric Vehicles Holdings, also known as Life EV, has officially acquired the intellectual property, inventory, and certain operating assets of Rad Power Bikes. Life EV acquired Rad Power in a deal valued at $13.2 million.

Rad Power Bikes, the high-profile electric bicycle company that raised close to $330 million in venture capital funding, filed for Chapter 11 bankruptcy protection in December. In the months leading up to that filing, the company had been facing significant struggles and had warned employees that it might be forced to shut down if it failed to secure new capital.

Life EV said it plans to keep the business intact and will continue retail operations in the United States under the Rad Power Bikes brand. The company also said it intends to broaden the retail footprint in selected key markets. In addition, Life EV pledged support for existing customers who may be concerned about what will happen to their bike warranties or even unused gift cards.

Based in Florida, Life EV has built its business around acquiring, developing, and scaling electric bicycle and micro-mobility brands. While the Rad Power deal may be its most prominent acquisition to date, the company also holds an equity interest in LEV Manufacturing, Inc., which acquired the Serial 1 premium electric bicycle brand originally developed by and later spun off from Harley-Davidson.

In a statement, Life EV said the Rad Power acquisition aligns with its wider strategy to expand across North America.