Rad Power Bikes Reaches $13.2 Million Sale Agreement
Techcrunch
Electric bike company Rad Power Bikes has agreed to be sold to Life Electric Vehicles Holdings for approximately $13.2 million, following a bankruptcy auction process.
Rad Power Bikes 達成 1320 萬美元出售協議
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電動自行車公司 Rad Power Bikes 在破產拍賣程序後，已同意以約 1320 萬美元的價格出售給 Life Electric Vehicles Holdings。
Rad Power Bikes reaches deal to sell itself for $13.2 million | TechCrunch
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Rad Power Bikes reaches deal to sell itself for $13.2 million
Electric bike company Rad Power Bikes has reached a deal to sell itself to a company called Life Electric Vehicles Holdings (or Life EV) for around $13.2 million, a little more than a month after entering the bankruptcy process.
Florida-based Life EV bills itself as a “developer, manufacturer, and distributor in the light electric vehicle industry.” It offers a number of electric bikes for sale on its website, although most of them were labeled as “sold out” at the time this article was published.
A filing to the bankruptcy docket over the weekend shows that five entities participated in an auction on the Rad Power assets on January 22. The first bid came in at $8 million, and parties traded bids until Life Electric Vehicles came away as the winner. When accounting for Rad Power’s liabilities, the total value of the bid is $14.9 million.
Another e-bike company called Retrospec had the second-highest bid of $13 million, and is being labeled as the “backup bidder” in case the deal with Life EV falls through. The bids were a steep discount to Rad Power’s peak $1.65 billion valuation, which was reached in Otober 2021, per PitchBook. The company has raised a total $329.2 million, according to Pitchbook data.
The acquisition still needs to be approved by the bankruptcy judge.
Rad Power is not the only company in the micromobility world to seek bankruptcy protection in recent years. Peers like VanMoof and Cake went through restructurings and found new owners. Scooter company Bird also went through the bankruptcy process.
It’s not clear what Life EV plans to do with Rad Power; Life EV CEO Robert Provost directed questions to Rad Power. “There is still a process underway and there is an exciting future being planned for Rad Power,” he wrote in a message.
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TechCrunch was unable to reach Rad Power for comment; this article will be updated if the company responds.
Like many of those peers, Rad Power saw a huge increase in sales during the pandemic, but struggled as that momentum dried up.
The company went through multiple rounds of layoffs in recent years, juggled CEOs, and more recently had trouble with some of its older batteries catching fire. The Consumer Product Safety Commission found 31 reported fires tied to the batteries.
Rad Power told TechCrunch at the time that it “firmly stands behind our batteries and our reputation as leaders in the e-bike industry, and strongly disagrees with the CPSC’s characterization of certain Rad batteries as defective or unsafe.”
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Sr. Reporter, Transportation
Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane.
You can contact or verify outreach from Sean by emailing [email protected] or via encrypted message at okane.01 on Signal.
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