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Photo courtesy of Rad Power Bikes.

The electric bike company Rad Power Bikes has landed $150 million in new funding to expand its operations, including plans to widen its retail and service network.

Driving the news: Funders include Morgan Stanley, Fidelity, the Rise Fund, existing investor Vulcan Capital and others.

  • The Seattle-based company says it's already North America's largest e-bike brand and now plans to quickly grow from the 325 employees it reached last year.
  • The company "plans to double the size of its team by the end of 2021, hiring throughout North America, Europe and Asia," the announcement states.
  • The company did $100 million in sales in 2019 but isn't disclosing its 2020 volumes, TechCrunch reports (and Rad Power Bikes later told me the same thing).

Why it matters: Electric mobility raises the prospect of cleaner transport, though it depends on how much it's replacing driving versus cannibalizing bicycles or walking.

Go deeper: Rad Power Bikes raises $150 million to grow its electric bike empire (The Verge)

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

6 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios