Rad Power Bikes: Pioneering a New Era of Sustainable Mobility.

Rad Power Bikes™, a beacon of innovation in the electric bicycle industry, is at the forefront of a global transportation transformation. As the largest ebike company in North America, their vision encapsulates a world where transportation is energy-efficient, enjoyable, and accessible to all. Through a blend of radical design, unrivaled customer experience, and affordable pricing, Rad Power Bikes is accelerating towards this sustainable future, one ebike at a time.

The journey of Rad Power Bikes began in the garage of Mike Radenbaugh, who was then just a teenage innovator. A challenging 15-mile commute to his high school inspired him to tinker and assemble a battery-powered bike that could hold its own against automobiles while ensuring he arrived at school sweat-free. This invention, endearingly dubbed as “The Frankenbike,” marked the inception of Rad Power Bikes.

Mike’s passion for converting traditional bikes into electric ones earned him a local reputation as the “ebike guy”. His vision to create rugged, comfortable, and high-performance ebikes that could replace automobiles on a massive scale led him to collaborate with childhood friend and marketer Ty Collins. The partnership culminated in a successful crowd-funded project that raised $320,000 to develop the RadRover, an electric fat tire bike that revolutionized the ebike industry.

Building upon the success of the RadRover, Rad Power Bikes has expanded its product line to include the RadWagon electric cargo bike, the RadMini electric folding bike, and the RadCity commuter bike. The company continues to tear down barriers to cycling, consistently innovating, and setting new standards for what people can do on two wheels.

Rad Power Bikes’ commitment goes beyond just manufacturing award-winning electric bikes. With over 550,000 riders globally, their focus is on redefining transportation as a whole. Each new bike model, each customer support interaction, and every new retail store is a testament to their dedication to make the power of electric bikes accessible to everyone, without intermediaries or inflated prices.

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Recently, Rad Power Bikes has received an investment of $154 million from a group of existing investors, which marks the most funding for a direct-to-consumer ebike company to date. The round was led by Fidelity Management & Research Company LLC, with significant contributions from T. Rowe Price Associates, Inc., Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund. This investment follows a previous funding round of $150 million announced earlier this year, underscoring the investors’ confidence in the company’s mission.

This funding will be directed towards product and technology innovation, accelerating the company’s sales and support channels, and diversifying its manufacturing and supply chains. These investments signal a continued focus on increasing their logistics and fulfillment capabilities, with the goal of tripling the number of physical retail and service locations by the end of 2022.

Rad Power Bikes envisions electric bikes playing a crucial role in tackling the global climate crisis. With the potential to replace car trips and contribute significantly to reducing carbon emissions, ebikes offer an environmentally friendly solution to transportation. By encouraging more people to choose ebikes over cars, the company aims to improve not just the planet’s health but also the physical and mental wellbeing of the riders.

From professionals commuting to work, parents running errands, retirees rediscovering the joy of riding, to last-mile commercial customers delivering groceries, Rad Power Bikes’ mission is to make ebikes a mainstream mode of transport. As more people worldwide choose ebikes over cars, the company is poised to lead the industry towards a sustainable, efficient, and enjoyable future of mobility.

Rad Power Bikes’ progressive approach to transportation has struck a chord with a broad spectrum of customers across the globe. From teenagers and professionals commuting to school and work to parents running errands or dropping off their kids, ebikes are increasingly becoming a preferred mode of transportation. Not to mention, retirees are finding renewed joy in biking, courtesy of the accessibility and comfort provided by Rad Power Bikes. Furthermore, businesses engaged in last-mile deliveries are also turning to Rad’s innovative solutions for efficient and eco-friendly services.

A significant reason behind the success of Rad Power Bikes is its strategic business model. The company opts for a direct-to-consumer sales and service approach, eliminating third-party retailers, wholesalers, and needless markups. This tactic not only brings the power of ebikes directly to communities but also ensures that products are designed and tailored according to specific customer needs. Simultaneously, customers are empowered with the support to stay moving, in line with the company’s goal of providing an unrivaled customer experience.

The continuous flow of funding reflects investors’ belief in Rad Power Bikes’ strategy and their confidence in the company’s ability to redefine transportation. Andrew Davis, Director of Private Investments at T. Rowe Price, expressed his faith in the company, citing their strong management team, technological prowess, and operational expertise as key factors to their long-term success.

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Moreover, the investment will accelerate the expansion of Rad Mobile Service and Rad Retail Stores. The company, which opened multiple new distribution centers in 2021, aims to triple its physical footprint by the end of 2022. Rad Power Bikes’ ambition to deliver bikes and accessories to more customers within a week or less after ordering in North America represents the core of their customer-centric approach.

Electric bikes play a critical role in tackling the climate crisis. Gas-powered transportation is the leading contributor to carbon emissions in the U.S, with a staggering 59 percent of car trips being five miles or less. The Environmental Protection Agency (EPA) estimates that replacing car trips under one mile with ebikes could save 2 million metric tons of CO2 per year. This is equivalent to taking 400,000 cars off the road. Rad Power Bikes’ range of up to 45 miles or more on a single charge enables riders to replace much longer trips, thereby significantly reducing carbon emissions.

In addition to environmental benefits, ebikes also contribute to the riders’ physical and mental health. Regular bike commuters are known to have a lower risk of death associated with cardiovascular diseases or cancer, according to the British Medical Journal. Interestingly, ebike riders tend to ride more frequently and for longer durations than traditional bikers, leading to enhanced health benefits.

The record-breaking investment and the corresponding expansion plans signify that Rad Power Bikes is just revving up its engines. As Mike Radenbaugh, CEO and Founder of Rad Power Bikes, succinctly put it, “The ride’s just getting started.” With their inclusive product design, accessible pricing, and industry-pioneering sales and service model, Rad Power Bikes is poised to usher in a new era of sustainable, efficient, and enjoyable mobility for people from all walks of life.