Life EV officially owns Rad Power Bikes now

Life EV officially owns Rad Power Bikes now

Life Electric Vehicles Holdings, also generally known as Life EV, officially owns the mental property, stock, and sure working belongings of Rad Power Bikes. Life EV acquired Rad Power for $13.2 million.

Rad Power Bikes, a buzzy electrical bike company that raised almost $330 million in enterprise capital, filed for Chapter 11 chapter safety in December. The company had struggled for months previous to its chapter submitting, and had warned workers it might need to close down without new capital.

Life EV intends to maintain the company intact and said it’ll continue retail operations under the Rad Power Bikes model in the United States. It also plans to increase the retail footprint in choose key markets. Life EV also pledged to help current prospects who could be questioning what would change into of their bike warranties or even present playing cards.

The Florida-based Life EV has constructed its enterprise by buying, growing, and scaling electrical bicycle and micro-mobility manufacturers. While Rad Power is probably its highest-profile buy, the company also holds an fairness curiosity in LEV Manufacturing, Inc., which acquired the Serial 1 premium electrical bicycle model initially developed and spun off from Harley-Davidson.

In an announcement, Life EV said the acquisition suits into its broader strategy of expansion across North America.

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