Life Electrical Autos Holdings, often known as Life EV, formally owns the mental property, stock, and sure working property of Rad Energy Bikes. Life EV acquired Rad Energy for $13.2 million.
Rad Energy Bikes, a buzzy electrical bike firm that raised practically $330 million in enterprise capital, filed for Chapter 11 chapter safety in December. The corporate had struggled for months previous to its chapter submitting, and had warned workers it may need to close down with out new capital.
Life EV intends to maintain the corporate intact and stated it’ll proceed retail operations underneath the Rad Power Bikes model in the US. It additionally plans to increase the retail footprint in choose key markets. Life EV additionally pledged to assist present clients who is perhaps questioning what would change into of their bike warranties and even reward playing cards.
The Florida-based Life EV has constructed its enterprise by buying, growing, and scaling electrical bicycle and micro-mobility manufacturers. Whereas Rad Energy is maybe its highest-profile buy, the corporate additionally 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 stated the acquisition matches into its broader technique of enlargement throughout North America.
