Lyft Electric Vehicles Holdings, also known as Lyft EV, officially owns the intellectual property, inventory, and certain operational assets of Rad Power Bikes. Lyft EV acquires Red Power $13.2 million.
Rad Power Bikes, a popular electric bike company that raised approximately $330 million in venture capital, Filed for Chapter 11 bankruptcy protection In December. The company had struggled for months before filing bankruptcy, and had warned employees Without new capital it may have to be closed.
Lyft EV intends to retain the company and said it will continue retail operations in the United States under the Rad Power Bikes brand. It also plans to expand its retail business in select key markets. Lyft EV has also promised to support existing customers who may be wondering what will happen to their bike warranty or gift card.
Florida-based Lyft EV has built its business by acquiring, developing and expanding electric bicycle and micro-mobility brands. While Red Power is perhaps its highest profile purchase, the company also owns LEV Manufacturing, Inc. It also holds an equity stake in Harley-Davidson, Inc., which has acquired the Serial 1 premium electric bicycle brand originally developed and spun off from Harley-Davidson.
Lyft EV said in a statement that the acquisition fits into its broader strategy of expansion across North America.
