Ballard-based electric bike company, Rad Power Bikes, is set to accelerate its global footprint after securing a substantial $150 million investment. Founded in Ballard in 2015, the e-bike brand has experienced significant growth, particularly in the past year, positioning itself as a leader in the burgeoning electric bicycle market.
The year 2020 proved to be a pivotal period for the e-bike industry, and Rad Power Bikes Ballard was at the forefront of this surge. As lockdowns became widespread, individuals sought out socially distanced methods to enjoy the outdoors, exercise, and maintain a sense of freedom. Electric bikes emerged as an ideal solution, leading to an unprecedented spike in demand for Rad Power Bikes’ offerings.
According to a Rad Power Bikes spokesperson, this period marked a turning point in public perception, with e-bikes increasingly viewed as practical transportation alternatives rather than solely recreational gadgets. The $150 million investment serves as a strong indicator of investor confidence in Rad Power Bikes and the broader e-bike mobility movement.
This significant capital injection will fuel Rad Power Bikes’ ambitious expansion plans, encompassing a doubling of employee headcount, the development of enhanced in-person services, and an expanded retail and service network. Currently, Rad Power Bikes has over 100 positions open across various departments, including customer service, product support, manufacturing, and product research.
Further solidifying its physical presence, Rad Power Bikes is planning to launch its fourth showroom in San Diego in the spring. Additionally, the company aims to broaden its Rad Mobile Service van program, which provides on-demand repairs, deliveries, and test rides to customers nationwide. With these strategic initiatives, Rad Power Bikes Ballard is poised to leverage its recent funding to propel its electric bike company into a new phase of growth and market leadership.
