Home / Business and Economy / Life EV Acquires Rad Power Bikes After Bankruptcy Filing
Life EV Acquires Rad Power Bikes After Bankruptcy Filing
7 Mar
Summary
- Life EV purchased Rad Power Bikes for $13.2 million.
- Rad Power Bikes filed for Chapter 11 bankruptcy in December.
- Life EV will continue Rad Power Bikes' retail operations in the US.
Life Electric Vehicles Holdings, known as Life EV, has officially taken ownership of the intellectual property, inventory, and operational assets of Rad Power Bikes. The acquisition was finalized for $13.2 million.
Rad Power Bikes, an electric bicycle company that had garnered substantial venture capital funding, sought Chapter 11 bankruptcy protection in December. This filing followed months of financial struggles and warnings of potential closure without new investment.
Life EV plans to preserve Rad Power Bikes as an ongoing entity, continuing retail operations under the Rad Power Bikes brand within the United States. The company also aims to strategically expand its retail presence in key markets. Furthermore, Life EV has pledged support for current customers concerning bike warranties and gift cards.
This strategic acquisition aligns with Life EV's broader expansion goals across North America. The Florida-based company specializes in acquiring and scaling electric mobility brands, notably holding an equity interest in LEV Manufacturing, Inc., which acquired the premium Serial 1 electric bicycle brand.
