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.
Dockless hired e-bikes are popular, convenient and emit zero emissions, and micro-mobility is often seen as the solution to transport in cities. But the sector is unregulated. There are concerns over injuries and road safety with a cohort of newer cyclists using the bikes. And one of the biggest headaches is where they park - dockless meaning they can be left pretty much anywhere. Pavements are blocked and there is criticism the rollout of the bikes has not been matched with infrastructure.
After nearly three years as CEO of Donkey Republic, I have decided to step down. This has been my own decision, and earlier this year, I began a constructive dialogue with the Chairperson of the Board to plan a smooth transition.
