Mitra EV, a commercial fleet electrification platform, has raised $27 million in financing to expand its turnkey model, which bundles no-upfront-cost EV leasing, dedicated overnight charging, and access to shared DC fast-charging hubs. The financing includes equity led by Ultra Capital and an institutional credit facility from S2G Investments, providing the company with additional flexibility to deploy vehicles and charging infrastructure as it scales into new markets.
The company is positioning its offering around a core friction point for fleet operators, particularly small and mid-sized businesses: electrification may pencil out for many use cases, but evaluating fleets and executing across vehicles, charging, incentives, and financing can be complex and time-consuming. Mitra EV says it removes that operational burden by managing the full process and delivering immediate operating cost reductions driven by lower fueling costs and reduced maintenance.
Mitra EV’s approach combines vehicle leasing across multiple OEMs, overnight charging solutions, and a growing shared hub network to improve access to charging in dense urban markets, where availability can be a key constraint. The company said it recently launched what it describes as the nation’s first shared DC fast-charging hub network built specifically for urban commercial fleets, designed to increase charging availability, improve asset utilization, and simplify interconnection and utility service requirements.
Mitra said it will use the new capital to expand its shared charging network, deploy additional fleet solutions, and extend its fleet electrification model into new geographies. Ultra Capital, which first invested in Mitra EV in 2023 by leading a $5 million seed round, cited the team’s execution and the scalability of a charging-led approach that can deliver fleet economics even without federal tax credits. S2G highlighted the cost and volatility advantages of electricity over gasoline and said Mitra’s model can accelerate deployment by reducing operational complexity and enabling measurable ROI from day one.
KEY QUOTES:
“Fleet electrification makes economic sense when you focus on the right use cases and remove operational friction, which is why we built Mitra. 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.”
Galina Russell, Co-Founder and CEO, Mitra EV
“Mitra plugged directly into our existing fleet cycle – no disruptions, no heavy lift on our end. 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.”
Jason Hanson, President and CEO, Sierra Pacific
“The way we structured this financing matters as much as the amount. 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.”
James Tong, Co-Founder and Chief Strategy Officer, Mitra EV
“We backed Mitra early because of the team and their clear-eyed focus on execution. They’ve built a charging-led model that scales quickly and delivers real economics for fleets, even without federal tax credits.”
Kristian Hanelt, Partner, Ultra Capital
“Switching to electric is becoming one of the most compelling economic decisions a fleet can make. 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.”
Marisa Sweeney, Principal, S2G Investments
