Mitra EV, a U.S.-based commercial fleet electrification platform, has raised $27 million in new financing to scale its operations, as fleet operators look for ways to cut operating costs without upfront investment amid tighter capital markets.
The financing includes equity funding led by Ultra Capital and a credit facility provided by S2G Investments. Mitra said the structure combines growth capital with its first institutional debt facility, designed to support asset deployment in a volatile policy and market environment.
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Founded to address barriers to fleet electrification, Mitra EV offers a fully managed model that allows operators to adopt electric vehicles without upfront costs. The company targets small and mid-sized businesses as well as larger fleets, bundling EV leasing, charging infrastructure and operational management into a single service.
“Fleet electrification makes economic sense when you focus on the right use cases and remove operational friction,” said Galina Russell. “By managing the entire process and delivering guaranteed cost savings from day one, we provide fleets with a fast path to lower operating expenses.”
Mitra said it leases electric vehicles from manufacturers including General Motors, Ford Motor and Mercedes-Benz, paired with dedicated overnight charging and access to a shared network of DC fast-charging hubs. The company claims the model can reduce fleet operating costs by up to 75%, largely through lower energy and maintenance expenses.
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Demand for such models has increased as commercial EV adoption slows in some segments following the rollback of incentives and higher financing costs. Mitra said many fleet operators, particularly small and mid-sized businesses that make up the majority of U.S. fleets, lack the resources to evaluate vehicles, charging, incentives and financing on their own.
Ultra Capital first invested in Mitra in 2023, leading a $5 million seed round. “They’ve built a charging-led model that scales quickly and delivers real economics for fleets, even without federal tax credits,” said Kristian Hanelt.
The new capital will be used to expand Mitra’s shared charging network, deploy additional fleet solutions and enter new markets. The company recently launched what it described as the first shared DC fast-charging hub network in the United States built specifically for urban commercial fleets, aimed at easing charging access constraints in dense areas.
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“EV charging is up to 60% cheaper per mile than gasoline and far less volatile than fuel markets,” said Marisa Sweeney. “Mitra removes the complexity that typically slows deployment and delivers immediate, measurable returns.”
