PR92620

SEATTLE, Oct. 28, 2021 /PRNewswire=KYODO JBN/ --

  -- This funding comes on the heels of a previous $150 million investment

     the company announced in February of this year, marking investors'

     confidence in the company's leadership position and the enormous role

     for ebikes as a climate solution

Rad Power Bikes(TM) (https://c212.net/c/link/?t=0&l=en&o=3336863-1&h=4109102066&u=https%3A%2F%2Fwww.radpowerbikes.com%2F&a=Rad+Power+Bikes

), North America's largest ebike company, today announced $154 million in

funding from existing investors to supercharge its global efforts to get more

people out of cars and onto electric bikes. This round is led by Fidelity

Management & Research Company LLC, with investments from funds and accounts

advised by T. Rowe Price Associates, Inc., Counterpoint Global (Morgan

Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund, TPG's

multi-sector global impact investing strategy. This funding will be used to

boost investments in product and technology innovation, accelerate the

company's omni-channel sales and support channels, and diversify manufacturing

and supply chains, including investments in North American and European

production.

Photo -

https://mma.prnewswire.com/media/1672466/Rad_Power_Bikes_City5City_123.jpg

"I built my first ebike in my garage 15 years ago. Since then I've been on a

mission to get as many people on ebikes as possible because of the countless

ways they improve people's lives," said Mike Radenbaugh, CEO and Founder, Rad

Power Bikes. "We believe in practical and utilitarian ebikes for the masses,

which has led us to creating entirely new categories of ebikes, and drives our

accessible pricing, inclusive product design, and industry-pioneering

direct-to-consumer sales and service. This record-breaking investment from some

of the world's most respected late-stage investors accelerates our efforts to

redefine transportation and mobility, offering car-replacement solutions to

people from all walks of life that are energy efficient, enjoyable and

accessible."

"We believe that as an industry leader, Rad Power Bikes has a compelling market

opportunity to fulfill the potential of ebikes as an effective transportation

and mobility solution globally," said Andrew Davis, Director of Private

Investments at T. Rowe Price.  "In our view, they have the management team,

technology strength, and operational expertise to succeed over the long term

and to play an important role in addressing the world's current and future

climate challenges."

With its community of riders growing rapidly, Rad Power Bikes is expanding its

physical footprint for those who need service or want to shop in person. This

funding will accelerate the expansion of Rad Mobile Service and Rad Retail

Stores, tripling the number of physical locations by the end of 2022.

In 2021, the company opened multiple new distribution centers, and by year's

end will have tripled capacity to deliver bikes and accessories to more

customers within a week or less of ordering in North America. Rad Power Bikes

will use this investment to continue increasing and strengthening its logistics

and fulfillment capabilities, including new distribution centers in the U.S,

Canada, U.K. and Europe.

Ebikes are critical to addressing the global climate crisis as gas powered

transportation is the largest contributor to carbon emissions in the U.S. There

are an estimated 250 million cars on U.S. roads, with 59 percent of car trips

being five miles or less.(1) The EPA estimates that if everyone in the U.S.

ditched their cars for just half of their trips under one mile there'd be

savings of 2 million metric tons of CO2 per year — the equivalent to taking

400,000 cars off the road.(2) Rad Power Bikes travel up to 45 miles or more on

a single charge, allowing riders to replace much longer trips and take an even

bigger bite out of carbon emissions. In addition to greatly reducing emissions,

ebikes get people moving, improving their mental and physical health. Studies

show that people who regularly commute by bike have a lower risk of death

associated with cardiovascular disease or cancer, according to the British

Medical Journal(3); notably, a recent study (https://c212.net/c/link/?t=0&l=en&o=3336863-1&h=252829382&u=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS259019821930017X&a=a+recent+study) found that ebike riders saw increased health benefits

by riding more often and for longer than traditional bike riders.(4)

"Replacing cars requires innovative solutions. We obsess over our customers and

how our bikes and accessories can best fit into their daily lives and replace

car trips. From teens and professionals commuting to school and work, to

parents running errands and dropping kids off at school, to retirees

discovering the joy of riding again with loved ones, and even our commercial

last-mile customers delivering groceries in busy city streets," said

Radenbaugh. "People worldwide are turning to ebikes over cars, getting exercise

and enjoying their commute rather than dreading it — all while feeling great

about reducing their emissions."

This investment brings total financing transactions since the inception of the

company to over $329 million, the most funding for a direct-to-consumer ebike

company to date.

J.P. Morgan acted as sole placement agent on the transaction.

Sources:

1 - National Household Travel Survey (https://c212.net/c/link/?t=0&l=en&o=3336863-1&h=722457299&u=https%3A%2F%2Fnhts.ornl.gov%2F&a=National+Household+Travel+Survey)

2 - Environmental Protection Agency (https://c212.net/c/link/?t=0&l=en&o=3336863-1&h=3315403911&u=https%3A%2F%2Fwww.epa.gov%2Fgreenvehicles%2Fwhat-if-we-kept-our-cars-parked-trips-less-one-mile&a=Environmental+Protection+Agency)

3 - British Medical Journal (https://c212.net/c/link/?t=0&l=en&o=3336863-1&h=1053220560&u=https%3A%2F%2Fwww.bmj.com%2Fcontent%2F357%2Fbmj.j1456&a=British+Medical+Journal)

4 - Transportation Research Interdisciplinary Perspectives (https://c212.net/c/link/?t=0&l=en&o=3336863-1&h=2041489178&u=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS259019821930017X&a=Transportation+Research+Interdisciplinary+Perspectives)

About Rad Power Bikes(TM):  Rad Power Bikes (https://c212.net/c/link/?t=0&l=en&o=3336863-1&h=3485802410&u=https%3A%2F%2Fc212.net%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D2711782-1%26h%3D270631951%26u%3Dhttp%253A%252F%252Fwww.radpowerbikes.com%252F%26a%3DRad%2BPower&a=Rad+Power) is the largest ebike brand in North America, with a community of more than

350,000 riders in more than 30 countries and thousands of business customers.

Founded in 2007, the global consumer-direct company boasts a full lineup of

affordable ebikes and accessories that are changing the way people and goods

move. The global team of passionate ebike enthusiasts create products and

service solutions that are purpose built whether that be for commuting,

adventuring, delivery, or hauling kids. The company designs all of its products

in-house at its Seattle headquarters and operates international offices in

Vancouver, British Columbia, Utrecht, the Netherlands, and has teams in

Shanghai, China and Taipei, Taiwan. The company has more than 20 Rad Mobile

Service locations and 5 Rad Retail Stores and is expanding rapidly to serve

riders across the U.S., Canada and Europe.  Recognized by TIME, Fast Company,

and INC. as one of the most innovative and influential companies in 2021, Rad

Power Bikes is on a mission to build a world where transportation is

energy-efficient, enjoyable, and accessible to all.

Source:  Rad Power Bikes

CONTACT: press@radpowerbikes.com