Mitra EV, a commercial fleet electrification platform focused on delivering immediate operating cost savings to fleet operators without upfront costs, announced a $27 million financing including equity funding from lead investor Ultra Capital and a credit facility from S2G Investments.
Mitra EV said the financing supports its expansion as fleet operators increasingly seek solutions that deliver immediate returns amid tightening capital markets and recent industry-wide pullbacks on electric vehicles, underscoring growing demand for capital-efficient fleet electrification models that deliver fast payback periods.
Commercial electric vehicles are already economical for a growing set of use cases, even without federal tax credits. For many fleet operators, however, the challenge is not whether electrification can work financially, but whether they have the time, expertise, and resources to evaluate their fleets and navigate the complexity of vehicles, charging, incentives, and financing. This challenge is especially acute for small and mid-sized businesses, which make up 99% of fleet operators in the US.
Mitra EV solves this challenge with a fully managed electrification model that serves SMBs as well as larger fleets. By combining no-upfront-cost EV leasing of vehicles from top-tier OEMs including GM, Ford, and Mercedes-Benz, dedicated overnight charging, and access to a growing network of shared DC fast-charging hubs, Mitra EV delivers immediate reductions of up to 75% in operating costs, driven primarily by lower fueling costs and reduced maintenance.
“Fleet electrification makes economic sense when you focus on the right use cases and remove operational friction, which is why we built Mitra,” said Galina Russell, co-founder and CEO of Mitra EV. “Our customers want solutions that work for their business today, not five years from now. By managing the entire process and delivering guaranteed cost savings from day one, we provide fleets with a fast path to lower operating expenses, improved reliability, and advanced data on their entire fleet operation.”
“Mitra plugged directly into our existing fleet cycle – no disruptions, no heavy lift on our end,” said Jason Hanson, President and CEO of Sierra Pacific, a California-based home services company that provides plumbing, electrical heating and air and solar for homeowners. “As a business owner operating a midsize, mixed fleet, I’m always looking for ways to optimize performance and reduce operating costs. Choosing electric through Mitra wasn’t about checking a box, it was simply the smarter, more efficient option that improved our bottom line almost immediately.”
The financing includes both equity and Mitra’s first institutional debt facility, structured to support asset deployment in a rapidly evolving policy and market environment.
“The way we structured this financing matters as much as the amount,” said James Tong, co-founder and chief strategy officer of Mitra EV. “It gives us the flexibility to deploy the right mix of vehicles, overnight charging, and shared fast-charging hubs to address real fleet needs now and scale responsibly over time.”
Ultra Capital first invested in Mitra EV in 2023, leading a $5 million seed round.“We backed Mitra early because of the team and their clear-eyed focus on execution,” said Kristian Hanelt, Partner at Ultra Capital. “They’ve built a charging-led model that scales quickly and delivers real economics for fleets, even without federal tax credits.”
Mitra recently launched the nation’s first shared DC fast-charging hub network built specifically for urban commercial fleets. By increasing charging availability in dense markets—where access is often the biggest constraint—the hubs enable additional fleet adoption, improve asset utilization, reduce interconnection and utility service complexity, and support scalable infrastructure deployment.
“Switching to electric is becoming one of the most compelling economic decisions a fleet can make,” said Marisa Sweeney, Principal at S2G Investments. “EV charging is up to 60% cheaper per mile than gasoline, far less volatile than fuel markets. Mitra removes the complexity that typically slows deployment and delivers the advantages of fleet electrification from day one, giving operators a practical path to immediate, measurable ROI.”
Mitra will use the financing to expand its shared charging network, deploy additional fleet solutions, and scale its capital-efficient electrification model into new markets.