Life EV Acquires Rad Power Bikes for $13.2 Million

Life EV acquires Rad Power Bikes, valued at $13.2 million, ensuring continuity and expanding retail presence in key markets.

Acquisition Overview

In Brief Life Electric Vehicles Holdings, commonly known as Life EV, has completed the acquisition of Rad Power Bikes, a prominent electric bike manufacturer that raised substantial venture capital. The transaction, valued at $13.2 million, includes the intellectual property, inventory, and specific operating assets of Rad Power Bikes.

Financial and Operational Context

Rad Power Bikes, which had previously secured nearly $330 million in venture funding, filed for Chapter 11 bankruptcy protection in December. Prior to this, the company had faced operational challenges and had notified its employees of potential shutdown risks without new capital. Life EV's acquisition aims to ensure the company's continuity and plans to maintain retail operations under the Rad Power Bikes brand in the United States.

Expansion and Support Plans

Life EV intends to expand the retail footprint of Rad Power Bikes in key markets. Additionally, the company has committed to supporting existing customers, addressing concerns related to warranties and gift cards. This strategic move aligns with Life EV’s broader goal of expanding its presence across North America.

Company Background and Strategy

Life EV, based in Florida, has built its business by acquiring, developing, and scaling electric bicycle and micro-mobility brands. The acquisition of Rad Power Bikes represents a significant milestone, following previous investments in LEV Manufacturing, Inc., which holds an equity interest in the Serial 1 premium electric bicycle brand originally developed from Harley-Davidson.

Broader Strategic Vision

The acquisition of Rad Power Bikes fits into Life EV’s larger strategy of expanding its market presence across North America. This move is expected to strengthen the company’s position in the rapidly growing electric mobility sector, leveraging the brand recognition and market reach of Rad Power Bikes.

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