Mitra EV, a Los Angeles-based commercial fleet electrification platform, has closed $27 million in financing comprising equity funding from lead investor Ultra Capital and a credit facility from S2G Investments. The company provides a fully managed electrification solution designed to deliver immediate operating cost savings to fleet operators without requiring upfront capital investment.
Highlights
- Mitra EV raised $27 million in combined equity and debt financing to expand its capital-efficient fleet electrification model into new markets
- Small and mid-sized businesses represent 99% of commercial fleet operators in the United States, yet remain underserved by traditional electrification solutions
- Operating cost reductions of up to 75% are achievable through Mitra’s integrated EV leasing, overnight charging, and shared DC fast-charging hub network
- EV charging costs up to 60% less per mile than gasoline and offers greater price stability than fuel markets
Addressing Fleet Electrification Barriers
The financing arrives as fleet operators increasingly seek solutions delivering immediate returns amid tightening capital markets and industry-wide pullbacks on electric vehicle investments. Commercial EVs are already economical for a growing set of use cases, even without federal tax credits. For many operators, however, the challenge extends beyond financial viability to evaluating fleets and navigating the complexity of vehicles, charging infrastructure, incentives, and financing.
This challenge is particularly acute for small and mid-sized businesses. Mitra EV addresses these barriers through a fully managed electrification model combining no-upfront-cost EV leasing from OEMs including GM, Ford, and Mercedes-Benz with dedicated overnight charging and access to a growing network of shared DC fast-charging hubs.
Capital-Efficient Electrification Model
“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.”
Mitra’s platform reduces operating costs by up to 70% while improving reliability, driver experience, and sustainability. The company maintains vehicle- and charger-agnostic operations, working across a broad ecosystem of manufacturers and charging technology providers. This approach provides fleets with flexible, future-proof electrification without vendor lock-in.
Investor Perspective
Marisa Sweeney, Principal at S2G Investments, emphasized the economic case for fleet electrification.
“Switching to electric is becoming one of the most compelling economic decisions a fleet can make,” Sweeney said. “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.”
Expansion Plans
Mitra will deploy the financing to:
- Expand its shared charging network across California and into new markets
- Deploy additional fleet solutions for commercial operators
- Scale its capital-efficient electrification model to serve growing demand
About the Investors
Ultra Capital, founded in 2015, invests in energy transition and sustainable infrastructure with a focus on electrification. The firm provides both growth equity and project capital to companies with demonstrated management teams.
S2G Investments supports asset-oriented businesses through its Special Opportunities strategy, tailoring fit-for-purpose structures to enhance capital efficiency.
Learn more at mitra-ev.com.
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