Life EV has Rad Power Bikes now

Life Electric Vehicles Holdings, also known as Moyo EVand owns the intellectual property, inventory, and other operations of Rad Power Bikes. Life EV got Rad Power for $13.2 million.

Rad Power Bikes, an electric bike company that raised nearly $330 million in funding, filed for Chapter 11 bankruptcy protection in December. The company struggled for months before filing for bankruptcy, and it did warned the workers it can be closed without new funds.

Life EV wants to keep the company and said it will continue the sales activities under the Rad Power Bikes brand in the United States. They are also planning to expand the retail space in selected markets. Life EV also pledged to help existing customers who may be wondering how their bike warranties or gift cards will expire.

Florida-based Life EV has built its business into acquiring, manufacturing, and promoting electric bikes and micro-mobility brands. While Rad Power is probably the biggest buyer, the company is also interested in LEV Manufacturing, Inc., which acquired the Serial 1 electric bike model from Harley-Davidson.

In a statement, Life EV said the acquisition is in line with its expansion strategy in North America.