Sacramento, California-based fleet electrification company Mitra EV, whose platform helps commercial fleets cut operating costs without upfront investment, has announced it has raised $27 million in financing. The round includes equity from lead investor Ultra Capital and a credit facility provided by S2G Investments.
The funding, the company says, will be used to support its continued growth as fleet operators, especially in light of tighter capital markets and recent industry pullbacks on electric trucks, increasingly seek cost-efficient electrification solutions that deliver rapid payback.
According to its press release, Mitra says that for many fleet operators, electrification isn't a question of cost but rather a question of capacity. Small and mid-sized businesses, which make up 99% of U.S. fleets, often lack the time, expertise, and resources to navigate the complexities of vehicles, charging, incentives, and financing.
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The company's fully managed electrification service helps those fleets cut operating costs by up to 70%. The platform combines no-upfront-cost EV leasing from GM, Ford, and Mercedes-Benz with dedicated overnight charging and a growing network of shared DC fast-charging hubs, delivering immediate savings on fuel and maintenance for both SMBs and larger fleets.
Last April in Rancho Cordova, California, Mitra launched the nation's first shared DC fast-charging hubs for urban fleets, tackling one of the biggest barriers to EV adoption. The network increases charging access, boosts asset utilization, and simplifies utility connections, paving the way for scalable fleet electrification.
"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. 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."
