Mitra EV, a Los Angeles-based fleet electrification platform that cuts operating costs for fleet operators with no upfront fees, has raised $27 million in equity and debt financing, led by Ultra Capital. At the same time, the credit facility was provided by S2G Investments.
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The company will use the funding to grow its shared charging network, roll out more fleet solutions, and expand its cost-efficient electrification model into new markets.
Mitra EV is a commercial fleet electrification platform that helps fleet operators cut operating costs without upfront expenses. Its fully managed model serves both SMBs and large fleets, offering no-upfront EV leasing from top OEMs like GM, Ford and Mercedes-Benz, dedicated overnight charging and access to a growing network of shared DC fast charging hubs. This approach can reduce operating costs by up to 75%, primarily by lowering fuel and maintenance costs.
The financing includes equity and Mitra’s first institutional debt, designed to support asset growth in a fast-changing market and policy environment.
“Fleet electrification only works when you target the right use cases and remove operational barriers—that’s why we created Mitra,” said Galina Russell, co-founder and CEO. “Our customers need solutions that deliver results today. By managing the whole process and guaranteeing cost savings from day one, we help fleets cut operating costs, boost reliability, and gain advanced insights into their operations.”
“Mitra fit seamlessly into our existing fleet with no disruptions or extra work on our part,” said Jason Hanson, CEO of Sierra Pacific, a California home services company. “As a midsize fleet owner, I’m always looking to boost performance and cut costs. Choosing electric vehicles through Mitra wasn’t just for show—it was the smarter, more efficient choice that improved our bottom line right away.”
“The structure of this financing is just as important as the amount,” said James Tong, co-founder and CSO of Mitra EV. “It lets us provide the right mix of vehicles, overnight charging, and shared fast-charging hubs to meet fleet needs today and grow responsibly over time.”
“Switching to electric is one of the smartest economic moves for fleets,” said Marisa Sweeney, Principal at S2G Investments. EV charging costs are up to 60% lower per mile than gasoline, and they are more stable than fuel prices. Mitra simplifies deployment and delivers the benefits of fleet electrification from day one, giving operators a clear path to immediate, measurable savings.”
Mitra EV tackles this challenge with a fully managed electrification model for both SMBs and large fleets. By offering no-upfront EV leasing from top OEMs like GM, Ford, and Mercedes-Benz, dedicated overnight charging, and access to a growing network of shared DC fast-charging hubs, Mitra EV can cut operating costs by up to 75%, mainly through lower fuel and maintenance expenses.
Ultra Capital first invested in Mitra EV in 2023, leading a $5 million seed round. “We supported Mitra early because of their strong team and focus on execution,” said Kristian Hanelt, Partner at Ultra Capital. “They’ve created a charging-focused model that scales fast, and delivers real savings for fleets, even without federal tax credits.”
About Mitra EV
Mitra EV, co-founded by CEO Galina Russell and CSO James Tong and based in Los Angeles, CA, is a cost-efficient fleet electrification platform designed for real world operations. With no upfront costs, Mitra offers EV leasing, overnight charging, and access to a growing network of shared fast-charging hubs in a single, fully managed solution. By removing financial and operational barriers, Mitra helps fleets switch to electric faster, cutting operating costs by up to 70% while boosting reliability and performance.
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