Life EV officially owns Rad Power Bikes now

Life Electric Vehicles Holdings, also known as Life EV, officially owns the intellectual property, inventory and certain operating assets of Rad Power Bikes. Life EV acquired Rad Power for $13.2 million.

Rad Power Bikes, a buzzy electric bike company that has raised nearly $330 million in venture capital, filed for Chapter 11 bankruptcy protection in December. The company had struggled for months before declaring bankruptcy, warning employees that it might have to close its doors without new capital.

Life EV intends to maintain the integrity of the company and said it will continue retail operations under the Rad Power Bikes brand in the United States. It also plans to expand its retail footprint in select key markets. Life EV has also pledged to support existing customers who may be wondering what will happen with their bike warranties or even gift cards.

Florida-based Life EV has built its business by acquiring, developing and expanding brands of electric bicycles and micromobility equipment. While Rad Power may be its highest-profile purchase, the company also has an ownership stake in LEV Manufacturing, Inc., which acquired the premium Serial 1 electric bike brand originally developed and spun out of Harley-Davidson.

Life EV said in a statement that the acquisition fits into its broader strategy of expansion across North America.