Life EV officially owns Rad Power Bikes now

In Brief

Life Electric Vehicles Holdings, besides known arsenic Life EV, officially owns the 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 the institution intact and said it volition proceed retail operations nether the Rad Power Bikes marque successful the United States. It besides plans to grow the retail footprint successful prime cardinal markets. Life EV besides pledged to enactment existing customers who mightiness beryllium wondering what would go of their motorcycle warranties oregon adjacent acquisition cards.

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

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

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