Florida company buys Rad Power Bikes
Life Electric Vehicles, a Deerfield Beach company, completed its court-approved acquisition of Rad Power Bikes, the groundbreaking but bankrupt, eBike manufacturer.
According to a March 5 press release, Life EV will continue retail operations under the Rad Power Bikes brand. The company plans to expand Rad’s retail footprint in select key markets, and is going to start building Rad Power bikes at its South Florida facility.
“Rad Power Bikes has helped define the eBike category in North America with its innovative products and passionate rider community,” said Rob Provost, CEO of Life EV. “Respecting and preserving that legacy – its brand, vision, and leadership – is foundational to this acquisition. Together, we will build on that trust and create new opportunities for riders nationwide.”
Life EV also intends to support current Rad Power customers riders by honoring certain warranties and gift cards in accordance with the terms of the purchase agreement.
“This marks an important new chapter for the Rad Power Bikes brand,” said Jim Brown, President of Life EV. “We respect the foundation that has been built and are committed to strengthening operations, enhancing product development, and supporting the rider community for the long term.”
Life EV plans to transition Rad Power Bikes’ production to the United States via a Foreign Trade Zone structure. Components are expected to be sourced directly at the manufacturer from leading global suppliers, enabling higher quality standards, improved pricing, and greater visibility into tariffs and supply chain risk, according to the press release.
According to BicycleRetailer.com Life EV agreed in December to acquire Rad Power’s assets for $13,276,102 in cash, and after accounting for liabilities, the total purchase price was $14,926,706.
Life Electric Vehicles Holdings, Inc. (OTC:LFEV) is an electric mobility platform company focused on acquiring, developing, and scaling electric bicycle and micro-mobility brands supported by vertically integrated domestic assembly, supply chain, and distribution capabilities.
