Mitra EV, provider of a commercial fleet electrification platform, has closed a $27-million financing round including equity funding from lead investor Ultra Capital and a credit facility from S2G Investments. Mitra will use the new funding to expand its shared charging network, deploy additional fleet solutions, and scale its electrification model into new markets.
“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.”
“Commercial electric vehicles are already economical for a growing set of use cases,” the company explains. “For many fleet operators, the challenge is not whether electrification can work financially, but whether they have the time, expertise and resources to navigate the complexity of vehicles, charging, incentives and financing.”
Mitra EV offers a fully managed electrification model designed to serve both smaller and larger fleets. The offering includes no-upfront-cost leasing of EV s from OEMs including GM, Ford and Mercedes-Benz, dedicated overnight charging, and access to a network of shared DC fast charging hubs. Mitra claims to deliver immediate reductions of up to 75% in operating costs, driven by lower fueling costs and reduced maintenance.
“Fleet electrification makes economic sense when you focus on the right use cases and remove operational friction,” said Galina Russell, co-founder and CEO. “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, CEO of Sierra Pacific, a California-based home services company. “As a business owner operating a midsize, mixed fleet, I’m always looking for ways to optimize performance and reduce operating costs.”
Source: Mitra EV
