Life Electric Vehicles Holdings, known as Life EV, has officially become the proprietor of the intellectual property, merchandise, and specific operational assets of Rad Power Bikes. Life EV finalized the purchase of Rad Power for $13.2 million.
Having secured nearly $330 million in venture capital, Rad Power Bikes, a popular electric bicycle enterprise, sought Chapter 11 bankruptcy protection in December. The company had experienced considerable hardship for several months before this filing, even alerting its workforce that it might need to cease operations without an infusion of new capital.
Life EV’s intention is to maintain the company as an undivided entity, confirming it will continue retail operations under the Rad Power Bikes brand within the United States. Furthermore, it plans to broaden its commercial reach into particular crucial markets. Life EV has also committed to assisting current patrons who may have concerns regarding the validity of their bike guarantees or even gift vouchers.
Based in Florida, Life EV has forged its enterprise by obtaining, refining, and expanding electric bicycle and micro-mobility brands. While Rad Power represents perhaps its most prominent acquisition, the company also maintains an equity stake in LEV Manufacturing, Inc., which previously secured the Serial 1 high-end electric bicycle brand initially developed and then separated from Harley-Davidson.
In an official declaration, Life EV asserted that this acquisition aligns with its larger objective for growth throughout North America.
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