Remember Rad Power Bikes? The e-bike company that seemed like it was everywhere just a few years ago? Well, it’s officially been rescued from the scrap heap. Life Electric Vehicles Holdings (Life EV) has completed its acquisition of Rad Power Bikes for $13.2 million, taking control of the company’s intellectual property, inventory, and operating assets.

This acquisition marks the end of a rough year for what was once a venture capital darling. Rad Power Bikes had raised nearly $330 million from investors but filed for Chapter 11 bankruptcy protection back in December. The company had been struggling for months before that, and things got pretty dire, management warned employees back in November that the company might have to shut down entirely without a cash infusion. That’s a massive fall from grace for a company that was once buzzing in the micro-mobility space.

The good news? Life EV says it’s planning to keep Rad Power Bikes operating as a going concern rather than liquidating the brand. The Florida-based company has committed to maintaining retail operations under the Rad Power Bikes brand in the United States and even plans to expand into select key markets. If you’re sitting on a Rad Power bike warranty or a gift card, the company has pledged to support existing customers, so your investment shouldn’t go up in smoke.

Life EV isn’t exactly a household name, but the company has been quietly building an empire in the electric vehicle space. Their business model revolves around acquiring, developing, and scaling electric bicycle and micro-mobility brands. Beyond Rad Power, Life EV also holds equity stakes in LEV Manufacturing, which acquired Serial 1, a premium e-bike brand that Harley-Davidson originally developed and then spun off. It’s a strategy that’s clearly working: they’re betting that there’s money to be made by consolidating smaller players in the e-bike and micro-mobility sectors.

For Life EV, the Rad Power acquisition fits neatly into their larger expansion strategy across North America. While Rad Power’s bankruptcy might seem like a failure story on the surface, it’s actually an opportunity for a buyer with the right resources to scoop up a brand with real market recognition. Customers already know what Rad Power is and have built relationships with the brand, which is incredibly valuable in the e-bike industry.

The question now is whether Life EV can actually turn things around where Rad Power couldn’t. The e-bike market has become increasingly competitive, with established bike manufacturers and newer players all fighting for market share. But if Life EV can leverage its portfolio of brands and bring better operational management to the table, maybe Rad Power has a genuine shot at a comeback.