Mitra EV, a company specializing in commercial fleet electrification solutions, has successfully closed a $27 million financing round. The funding includes equity investment led by Ultra Capital and a credit facility from S2G Investments. This capital infusion is earmarked for expanding Mitra EV’s shared charging network, deploying more fleet solutions, and scaling its electrification model into new markets.
Strategic Funding for Scalable Electrification
“The way we structured this financing matters as much as the amount,” stated James Tong, co-founder and Chief Strategy Officer at 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.”
The company highlighted that commercial electric vehicles are increasingly becoming economical for a variety of applications. However, many fleet operators face hurdles related to time, expertise, and resources required to navigate the complexities of vehicle selection, charging infrastructure, incentives, and financing.
Comprehensive Electrification Model
Mitra EV offers a fully managed electrification service designed to support both small and large fleets. This model includes leasing electric vehicles from major OEMs like GM, Ford, and Mercedes-Benz with no upfront cost. It also provides dedicated overnight charging solutions and access to a network of shared DC fast-charging hubs. According to Mitra, this approach can lead to immediate reductions of up to 75% in operating costs, primarily due to lower fueling expenses and reduced maintenance requirements.
Driving Down Costs and Enhancing Reliability
Galina Russell, co-founder and CEO of Mitra EV, emphasized the economic viability of fleet electrification when approached strategically. “Fleet electrification makes economic sense when you focus on the right use cases and remove operational friction,” Russell said. “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.”
Customer Endorsement
Jason Hanson, CEO of Sierra Pacific, a California-based home services company, shared his positive experience. “Mitra plugged directly into our existing fleet cycle—no disruptions, no heavy lift on our end,” Hanson remarked. “As a business owner operating a midsize, mixed fleet, I’m always looking for ways to optimize performance and reduce operating costs.”