International Business

The Station: Uber slurps up Drizly, Ford doubles its EV budget and Rad Power Bikes plots an expansion

The Station: Uber slurps up Drizly, Ford doubles its EV budget and Rad Power Bikes plots an expansion

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Last week I highlighted how Lim is entering the shared moped business. Now, shared moped startup Revel EV is entering the charging game. I wonder if we see the beginning of the trend of business diversification in microbiology.

Revel said it is building a DC fast charging station for electric vehicles in New York City, the first in a new business venture that will eventually spread to other cities. The new “Superhub”, housed in the former Pfizer building in Brooklyn, will have 30 chargers and will be open to the public 24 hours a day, the agency said. It will be the first in a network of Revel open Superhubs across New York City, the company said.

The Station: Uber slurps up Drizly, Ford doubles its EV budget and Rad Power Bikes plots an expansion

Revel did not build the EV charging infrastructure while sitting at home. Instead, it is using Tritium’s new RTM75 model for the first 10 chargers on its Brooklyn site, which will appear live this spring. According to Revel, these chargers designed to charge an additional 100 miles in an electric car in about 20 minutes.

Cementing a strategy that began more than a year ago, Uber announced plans to acquire Drizly Alcohol Distribution Services in a $1.1 billion stock and cash deal. Encouragement: Uber bets that its distribution and ride healing businesses will provide the fastest way to profit.

Drizly’s Marketplace will eventually fold into the Uber its application. For now, Drizly will maintain the Stand Stone app. The Drizzle acquisition expected to close in the first half of the year.

For those who do not follow Uber’s every move, here is a quick recovery. . It sold a $500 million stake in its Uber Freight Spin Off. In the meantime, it has acquired the on-demand delivery app Postmates and now Drizly.

Rad Power Bikes another company is the “Contract of the Week” in the appropriate funding round. Seattle-based electric bike dealer Morgan Stanley has raised $150 million from institutional investors, including Counterpoint Global Fund, Fidelity Management and Research, TPG’s Global Effects Investment Platform the Rise Fund and Funds & T. Accounts as advised by Row Price Associates. Existing investors Sustainable Capital Partners LP and Vulcan Capital also took part in the round.

While the biggest incentive to transport $150 million, it is one of the largest in the world of electronic bikes. The size of the round – and the companies involved – advises investors to point out the growth of the e-bike industry and believes in Red Power’s business model and the ability to expand beyond the $100 million in sales produced in 2019. Reveal its 2020 sales numbers by denying Red Power bikes.

Rad Power is a direct-to-consumer electronic bike dealer known for creating powerful products that combine features, including fat tires, large batteries and touchscreens motors, and even cargo carrying capacity – at hundreds of dollars below its competitors.

Mike Radenbaugh, founder and CEO of the company, told me that the funds would used to double the workforce of its 325 people, increase the number of retail showrooms and services, diversify the supply to more suppliers and continue to add more accessories to customize their bikes.