Life Electric Vehicles Holdings, also known as Life EV, officially owns the intellectual property, inventory, and certain operating assets of Rad Power Bikes. Life EV acquired Rad Power for $13.2 million.Rad Power Bikes, a buzzy electric bike company that raised nearly $330 million in venture capital, filed for Chapter 11 bankruptcy protection in December. The company had struggled for months prior to its bankruptcy filing, and had warned employees it might have to shut down without new capital.