Life Electric Vehicles Holdings, known as Life EV, has completed the acquisition of Rad Power Bikes, a prominent electric bike company, for $13.2 million. This move comes after Rad Power Bikes filed for Chapter 11 bankruptcy protection, signaling a shift in the electric mobility sector.
Despite Rad Power’s previous financial challenges, Life EV has expressed its commitment to maintaining the brand’s presence by continuing retail operations under the Rad Power Bikes name in the United States. Additionally, the company plans to expand Rad Power’s retail footprint in key markets, ensuring continuity for existing customers.
Life EV, based in Florida, specializes in acquiring and developing electric bicycle and micro-mobility brands. Alongside Rad Power Bikes, the company also holds an equity interest in LEV Manufacturing, Inc., which acquired the premium electric bicycle brand Serial 1 from Harley-Davidson.
This acquisition aligns with Life EV’s strategy of expanding its operations across North America, reflecting the growing influence of electric mobility technologies in the transportation industry.
Source: TechCrunch