Rad Power Bikes

Rad Power Bikes, a Seattle-based e-bike maker, filed for Chapter 11 bankruptcy protection on December 15, 2025, listing $32.1 million in assets and $72.8 million in liabilities.^{123456812131617} The company's assets were sold at auction on January 22, 2026, to Life Electric Vehicles Holdings Inc. for $13.2 million, with the sale closing on March 5, 2026.¹²⁵⁸¹⁰ Rad Power Bikes had raised $329 million in total funding and was once valued at $1.65 billion, but faced declining revenue, multiple layoffs, and a battery safety warning from the CPSC before its bankruptcy.^{12345678911121417}

Timeline

Date	Event	Source
2007	Mike Radenbaugh built his first e-bike and founded Rad Power Bikes as a sole proprietorship.	19101118
2015	Mike Radenbaugh and Ty Collins relaunched Rad Power Bikes as a direct-to-consumer business with the RadRover electric fat bike.	2718
2015	Rad Power Bikes raised $320,365 in an Indiegogo crowdfunding campaign.	7
2019-03-27	Rad Power Bikes raised a Series A round of $179,997.60 from Darrell Cavens and Mark Vadon.	10
2021-02-04	Rad Power Bikes raised $150 million in a round led by Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, The Rise Fund, and T. Rowe Price Associates.	791011
2022-08-01	A wrongful death lawsuit was filed against Rad Power Bikes by the parents of Molly Steinsapir, a 12-year-old girl who died in an e-bike accident.	14
2022-11	Rad Power Bikes recalled about 29,300 RadWagon 4 Electric Cargo Bikes due to tire issues that caused crashes and injuries.	14
2023	Rad Power Bikes reported gross revenue of $129.8 million.	217
2024	Rad Power Bikes reported gross revenue of $103.8 million.	217
2025-03	Kathi Lentzsch replaced Phil Molyneux as CEO of Rad Power Bikes.	14
2025-11	The U.S. Consumer Product Safety Commission issued a safety warning about certain Rad Power Bikes batteries, citing 31 reports of fires.	1341214
2025-11	Rad Power Bikes told Washington state officials it could lay off 64 employees in January and might shut down without additional funding.	1217
2025-12-15	Rad Power Bikes filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Washington.	123456812131617
2026-01-22	Rad Power Bikes' assets were auctioned, with Life Electric Vehicles Holdings Inc. winning with a bid of $13.2 million.	28

Money raised

Rad Power Bikes raised $320,365 in an Indiegogo crowdfunding campaign in 2015.⁷ In March 2019, Rad Power Bikes raised a Series A round of $179,997.60 from Darrell Cavens and Mark Vadon.¹⁰ In February 2021, Rad Power Bikes raised $150 million in a round led by Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, The Rise Fund, and T. Rowe Price Associates.⁷⁹¹⁰¹¹ In October 2021, Rad Power Bikes raised $154 million in a round led by Fidelity Management & Research Company LLC, bringing total funding to $329 million.^19101112 The October 2021 round valued Rad Power Bikes at $1.65 billion.²⁸¹⁰ Rad Power Bikes reported gross revenue of $129.8 million in 2023, $103.8 million in 2024, and $63.3 million through 2025.²¹⁷ At the time of its bankruptcy filing, Rad Power Bikes listed $32.1 million in assets and $72.8 million in liabilities.^{123456812131617} Rad Power Bikes' assets were sold to Life Electric Vehicles Holdings Inc. for $13.2 million at auction on January 22, 2026.²⁵⁸¹⁰ Life Electric Vehicles officially acquired Rad Power Bikes for $13.3 million on March 5, 2026.¹

Investors named in the sources: Fidelity Management & Research Company LLC⁷⁹¹⁰¹¹, Counterpoint Global (Morgan Stanley)⁷⁹¹⁰¹¹, The Rise Fund (TPG)⁷⁹¹⁰¹¹, T. Rowe Price Associates⁷⁹¹⁰¹¹, Durable Capital Partners⁷⁹¹⁰¹¹, Vulcan Capital⁷⁹¹⁰¹¹, Darrell Cavens⁷¹⁰, Mark Vadon⁷¹⁰, VCVC V LLC^3121317, Durable Capital Master Fund LP^3121317, Mike Radenbaugh^3121317.

What happened

Rad Power Bikes was founded in 2007 by Mike Radenbaugh, who built his first e-bike to commute to high school.^19101118 In 2015, Mike Radenbaugh and Ty Collins relaunched the company as a direct-to-consumer e-bike brand with the RadRover electric fat bike.²⁷¹⁸ The company raised $320,365 through an Indiegogo crowdfunding campaign in 2015.⁷ Rad Power Bikes grew rapidly, becoming North America's largest e-bike brand with over 350,000 riders across 30 countries by 2021.⁷⁹¹¹ Rad Power Bikes saw demand surge nearly 300% during the COVID-19 pandemic.²⁷

The company expanded its physical retail presence, opening Rad Retail Stores and Rad Mobile Service locations.⁹¹¹ In 2022, Rad Power Bikes faced a wrongful death lawsuit after a 12-year-old girl died in an accident involving a RadRunner e-bike.¹⁴ The company recalled about 29,300 RadWagon 4 Electric Cargo Bikes in November 2022 due to tire issues that caused crashes and injuries.¹⁴ Rad Power Bikes experienced multiple rounds of layoffs and management changes, including four CEOs in three years.^1245812 The company's revenue declined from $129.8 million in 2023 to $103.8 million in 2024 and $63.3 million through 2025.²¹⁷

In November 2025, the U.S. Consumer Product Safety Commission issued a safety warning about certain Rad Power Bikes batteries, citing 31 reports of fires.^1341214 Rad Power Bikes disagreed with the CPSC warning and said it could not afford a recall, stating that a recall would put the company out of business.^1341214 The company told Washington state officials in November 2025 that it could lay off 64 employees and might shut down without additional funding.¹²¹⁷ Rad Power Bikes filed for Chapter 11 bankruptcy protection on December 15, 2025, listing $32.1 million in assets and $72.8 million in liabilities.^{123456812131617} Rad Power Bikes pursued a sale of its assets under Section 363 of the bankruptcy code, targeting completion within 45-60 days.⁴⁸¹²

At an auction on January 22, 2026, Life Electric Vehicles Holdings Inc. won with a bid of $13.2 million, with Retrospec as backup bidder.²⁸ Life Electric Vehicles officially acquired Rad Power Bikes for $13.3 million on March 5, 2026.¹ Life EV planned to keep Rad Power Bikes based in Seattle and offered positions to about 95% of current employees.¹ Life EV intended to address the battery recall by offering replacement batteries at a 50% discount for approximately 120,000 recalled batteries.¹ Rad Power Bikes' warranties did not automatically transfer to Life EV, and the new owner had not finalized a warranty policy as of the sources.⁵

Customers with Rad Power Bikes were advised to check for CPSC recalls and contact Life EV directly regarding warranty claims.⁵ Rad Power Bikes' bankruptcy filing indicated that no funds would be available for unsecured creditors after administrative expenses.¹³¹⁷ The company's equity holders included founder Mike Radenbaugh with 41.3% ownership, VCVC V LLC with 6.6%, and Durable Capital Master Fund LP with 5.8%.^3121317 Rad Power Bikes had over 250 patents and 300 trademarks, which Life EV considered valuable intellectual property.¹ Life EV planned to expand RadRetail stores from seven to about 24 and reopen the St. Petersburg, Florida store that closed during bankruptcy.¹

Life EV planned to build Rad Power Bikes in its Fort Lauderdale facility and use a Foreign Trade Zone structure to reduce costs.¹ Rad Power Bikes' former CEO Phil Molyneux had described the Safe Shield battery technology as using resin to absorb heat and mitigate thermal runaway.¹ Life EV CEO Rob Provost said Rad Power Bikes had 'done phenomenal in the past but then the cost became too expensive.'¹ Provost said Life EV was initially expecting to pay $50-60 million for Rad Power Bikes but the acquisition price ended up much lower.¹ Rad Power Bikes' bankruptcy followed a period of declining revenue, tariff pressures, and battery safety concerns.^12345681217

The company had been a high-flying startup, branded as North America's largest e-bike seller, but momentum faded in 2022.² The CPSC warning applied to battery models HL-RP-S1304 or RP-1304, which were used in several Rad Power Bikes models.³¹⁴ A former St. Paul City Councilmember reported that a Rad Power Bikes battery caused a fire that destroyed his home in September 2025.³ Rad Power Bikes' bankruptcy filing listed $14.2 million in inventory of e-bikes, spare parts, and accessories.¹²¹⁷ The company had cash and cash equivalents of approximately $6.7 million at the time of filing.¹⁷

Rad Power Bikes' secured claims amounted to approximately $40.9 million, and unsecured claims exceeded $31.8 million.¹⁷ The bankruptcy case was jointly administered with Summit Collective Incorporated, an affiliate.¹³¹⁶¹⁷ Rad Power Bikes' CEO at the time of filing was Angelina M. Smith, who signed the bankruptcy petition.¹³¹⁷ The company had gone through four CEO changes in three years, with Kathi Lentzsch replacing Phil Molyneux in March 2025.¹⁴ Rad Power Bikes had shifted away from direct-to-consumer toward a retail-focused approach under CEO Kathi Lentzsch.⁴

Life EV planned to keep MSRPs for all Rad models unchanged while increasing retailer margins.¹ Rad Power Bikes had 600 stocking dealers, but its products had lower margins for dealers compared to other brands.¹ Life EV planned to prioritize building a customer base in Europe, leveraging Harley-Davidson distributors and a certificate of origin from the USA to bypass anti-dumping tariffs.¹ Life EV was financially backed by over 200 shareholders, including family and friends, and Lane VC was a financial partner.¹ Rad Power Bikes' bankruptcy was part of a broader industry reset, with other e-bike companies like VanMoof and Cake also going through bankruptcy.⁴¹⁷

The company's downfall was attributed to factors including post-pandemic demand cooling, tariffs, and battery safety issues.^12345681217

Legal outcomes

• filedA wrongful death lawsuit was filed against Rad Power Bikes in August 2022 by the parents of Molly Steinsapir, a 12-year-old girl who died in an e-bike accident.¹⁴
• settledRad Power Bikes recalled about 29,300 RadWagon 4 Electric Cargo Bikes in November 2022 due to tire issues that caused crashes and injuries.¹⁴
• pendingThe U.S. Consumer Product Safety Commission issued a safety warning about certain Rad Power Bikes batteries in November 2025, citing 31 reports of fires.^1341214
• pendingRad Power Bikes disagreed with the CPSC warning and refused to issue a recall, stating it could not afford to do so.^1341214
• filedRad Power Bikes' bankruptcy filing listed several unsecured claims, including $3.2 million to Lisa Gore for subrogation and $1 million each to Steve Jay and Susan Luck for damages.³¹²
• pendingThe company's bankruptcy filing indicated that no funds would be available for unsecured creditors after administrative expenses.¹³¹⁷

Where the founders are now

Mike Radenbaugh, founder of Rad Power Bikes, held 41.3% equity interest in the company at the time of bankruptcy filing.^3121317 Ty Collins co-founded Rad Power Bikes with Mike Radenbaugh in 2015.²⁷¹⁸

Lessons, as others put them

"This step allows us to keep operating in the ordinary course of business while we pursue the best possible outcome for the people who rely on Rad every day."Rad Power Bikes spokesperson⁴¹²

"We are not giving up. We remain deeply committed to our customers and community, and we are focused on doing everything we can to strengthen the future of the Rad brand."Rad Power Bikes spokesperson¹²

"Rad Power Bikes firmly stands behind our batteries."Rad Power Bikes statement³

Sources

1. Rad Power Bikes given new life after acquisition, Bicycle Retailer and Industry News, Mar 16, 20
2. Rad Power Bikes sells for $13.2M as asset auction attracts bidders for bankrupt e-bike maker, GeekWire, 2026-01-26
3. Customers set to be screwed as Rad Power Bikes files for bankruptcy + Former St. Paul Councilmember says a Rad battery fire destroyed his house, Seattle Bike Blog, 2025-12-16
4. Rad Power Bikes files for bankruptcy and is looking to sell the business | TechCrunch, TechCrunch, 2025-12-17
5. Rad Power Bikes Discontinued: What Happens to Your Warranty?, Retrospec
6. Rad Power Bikes Was an E-Bike Unicorn. Then Everything ..., inc.com, Jul 27, 20
7. Rad Power Bikes raises massive $150M round to scale e-bike business across globe, GeekWire, 2021-02-04
8. Rad Power Bikes: $13.2M Sale Ends $1.65B Run, ElevenFlo, 2026-03-19
9. $154M Raise Makes Rad Power Bikes the Most Funded E-Bike Maker | Built In Seattle, Built In, Oct 28, 20
10. Rad Power Bikes IPO Timeline and Financing Details - Forge, forgeglobal.com
11. Investors Double Down on Rad Power Bikes with $154 Million Investment, Endurance Sportswire, 2021-10-28
12. Rad Power Bikes files for bankruptcy protection, Bicycle Retailer and Industry News, Dec 16, 20
13. Filing Alert: Rad Power Bikes Chapter 11, Bondoro, 2025-12-15
14. Rad Power Bikes® Lawsuit | E-Bike Lawyer, Attorney, schmidtlaw.com
16. Rad Power Bikes Inc. Bankruptcy (2:25-bk-02183), Washington Eastern Bankruptcy Court, pacermonitor.com, Dec 15, 20
17. Everything You Need to Know About Rad Power Bikes’ Chapter 11 Filing, Micromobility, Dec 19, 20
18. About Rad Power Bikes | Rad Power Bikes, Rad Power Bikes Europe

How this case file was put together

Every statement on this page carries a numbered note, and every note points to a court record, a regulatory filing or a named publication in the list of sources. Each statement was checked against the text of the sources it cites before it was published: a figure, a date or a name the cited source does not contain was cut rather than kept. Allegations are shown as allegations, with their status at the time of the source (filed, charged, convicted, pleaded, settled, dismissed or pending). Quoted lessons are the words of the person or publication named with them, copied from the cited source; nothing here is our own opinion of why the company failed.

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