Life Electric Vehicles Holdings, now officially known as Life EV, has acquired the intellectual property, inventory, and certain operating assets of Rad Power Bikes. The purchase price was set at $13.2 million.
This move follows the Chapter 11 bankruptcy filing of Rad Power Bikes in December. The electric bike company had been a notable player, having raised close to $330 million in venture capital. Prior to the bankruptcy, the company faced significant struggles and had warned employees that a shutdown was possible without new funding.
Life EV has stated its intention to keep the company intact. Retail operations will continue under the established Rad Power Bikes brand in the United States, with plans to expand into select key markets. The new owner has also pledged support for existing customers, addressing concerns over warranties and gift cards.
Based in Florida, Life EV builds its business through acquiring, developing, and scaling electric bicycle and micro-mobility brands. While Rad Power Bikes represents its most prominent acquisition, the company also holds an equity interest in LEV Manufacturing, Inc. That entity previously acquired the Serial 1 premium electric bicycle brand, which was originally developed and spun off from Harley-Davidson.
In a statement, Life EV said this acquisition aligns with its broader strategy for expansion across North America.