Life Ev Officially Owns Rad Power Bikes Now

In Brief

Life Electric Vehicles Holdings, besides known arsenic Life EV, officially owns nan intelligence property, inventory, and definite operating assets of Rad Power Bikes. Life EV acquired Rad Power for $13.2 million.

Rad Power Bikes, a buzzy electrical motorcycle institution that raised astir $330 cardinal successful task capital, filed for Chapter 11 bankruptcy protection successful December. The institution had struggled for months anterior to its bankruptcy filing, and had warned employees it mightiness person to unopen down without caller capital.

Life EV intends to support nan institution intact and said it will proceed unit operations nether nan Rad Power Bikes marque successful nan United States. It besides plans to grow nan unit footprint successful prime cardinal markets. Life EV besides pledged to support existing customers who mightiness beryllium wondering what would go of their motorcycle warranties aliases moreover gift cards.

The Florida-based Life EV has built its business by acquiring, developing, and scaling electrical bicycle and micro-mobility brands. While Rad Power is possibly its highest floor plan purchase, nan institution besides holds an equity liking successful LEV Manufacturing, Inc., which acquired nan Serial 1 premium electrical bicycle marque primitively developed and spun disconnected from Harley-Davidson.

In a statement, Life EV said nan acquisition fits into its broader strategy of description crossed North America.

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