Mitra EV secures $27M financing for commercial fleet electrification platform
Most people think electrifying fleets is about vehicles. It is not. It is about time, cash flow, and whether a small business owner wants to spend their Tuesday night reading utility tariffs instead...
Most people think electrifying fleets is about vehicles. It is not. It is about time, cash flow, and whether a small business owner wants to spend their Tuesday night reading utility tariffs instead of getting home for dinner. That is the tension Mitra EV stepped into, and it is why this $27M raise matters more than the headline suggests.
Founded in 2023 and headquartered in Los Angeles, Mitra EV is not selling dreams or policy slogans. It is selling relief. No upfront cost EV leasing from GM, Ford, Mercedes-Benz, Isuzu, and Chevy. Overnight Level 2 charging installed where the trucks sleep. Shared DC fast-charging hubs for when the day runs long. Vehicle-agnostic, charger-agnostic, operator-first. This is electrification without the performance art.
Galina Russell, Co-Founder and CEO, brings the kind of operational scar tissue you only get from actually building. James Tong, Co-Founder and CSO, has spent years living inside grids, utilities, and the messy math of energy transition. Brian Duncan and Marissa Campbell round out a founding team that understands that small and mid-sized fleets do not need lectures. They need solutions that show up on time and work tomorrow morning.
Ultra Capital led the equity with the same quiet conviction they brought to the $5M seed in 2023. S2G Investments structured a credit facility that respects how infrastructure really scales. This is capital that understands assets, utilization, and patience. Total funding now sits at $32M, and none of it feels ornamental.
The proof is already on the street. Customers like Sierra Pacific Home & Comfort and Aztec Solar are cutting operating costs by as much as 70%, with fuel savings reaching 75%. Charging availability north of 99% is not a marketing line, it is table stakes. Project REEF, backed by the U.S. Department of Energy, shows how this model stretches across California, Colorado, Ohio, and Georgia without breaking its stride.
There is a lesson here for every founder chasing scale. Mitra EV did not start by asking what sounded impressive. They asked what removed friction, conserved capital, and respected how businesses actually operate. Build the rails first, make the economics undeniable, and let adoption follow. That approach tends to attract investors who think in decades, not demo days.