Welcome Mitra EV: Building the Economic Case for Fleet Electrification

Across the U.S., commercial fleets face growing pressure to cut operating costs while adapting to a shifting regulatory landscape. EVs offer clear advantages such as lower fuel expenses, reduced maintenance, and improved performance in light-duty service applications. Together, these advantages have made electrification a practical option across a wider range of fleet use cases.

For many operators, especially small and mid-sized businesses, the question is no longer whether EVs can lower total cost of ownership, but rather if fleets can manage the capital requirements, infrastructure complexity, and operational risk that often accompany the transition. Upfront vehicle costs, charging deployment, and fragmented vendor solutions continue to slow adoption, even when long-term economics are compelling.

This dynamic has created a widening adoption gap. Small and mid-sized businesses account for roughly 99% of U.S. commercial fleet operators. If electrification is to scale in a durable way, solutions must be designed to meet the financial and operational realities of these operators first.

Against this landscape, we are excited to announce the addition of Mitra EV, a commercial fleet electrification platform designed to deliver immediate operating cost savings without upfront capital, to our portfolio. Through S2G’s Special Opportunities strategy, which supports asset-oriented businesses by tailoring fit-for-purpose structures to enhance capital efficiency, we are supporting Mitra EV as it scales a fleet electrification model that directly overcomes these barriers.

The Market Forces Shaping Fleet Electrification

Fleet electrification continues to gain momentum across the U.S., supported by declining vehicle costs, improved charging technology, and state-level policy support. States such as California, New York, and Oregon have adopted zero-emission fleet mandates, while incentive programs such as California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project and EnergIIZE lower the cost of vehicles and charging infrastructure for eligible fleets. Utilities are also playing a growing role, with many offering incentives for chargers and make-ready infrastructure that reduce upfront costs and support grid-aligned fleet electrification.

EV fueling costs also remain more stable than gasoline, with electricity prices typically experiencing only a fraction of the price swings seen in the global oil market. For small- and mid-sized fleets, where fuel accounts for a significant share of operating expenses, this cost differential can materially improve margins and cash flow.

Despite these tailwinds, adoption remains uneven. Many EV leasing and charging providers prioritize large enterprise fleets, leaving smaller operators underserved. These operators often lack dedicated fleet managers, face capital constraints, and must coordinate across multiple vendors to electrify vehicles and install charging. Fragmented solutions and long infrastructure timelines continue to introduce cost and operational risk.

Tightening capital markets have further sharpened this divide. Fleet operators are increasingly prioritizing solutions that deliver fast payback, predictable costs, and minimal operational disruption. Models that rely on speculative utilization, extended development timelines, or heavy reliance on policy incentives face growing scrutiny. We believe this environment favors approaches grounded in contracted revenues, asset-backed financing, and immediate operating savings.

A Practical Model Built for Real-World Fleets

Mitra EV was designed around the operational and financial constraints facing commercial fleets today. Founded in 2023, the company provides a fully managed electrification solution that integrates EV leasing, overnight charging, and access to shared DC fast-charging hubs into a single offering. 

Mitra EV focuses on light commercial vehicles that operate short, localized routes from owned or long-term leased facilities. These operating profiles align well with current EV capabilities and allow fleets to capture savings quickly. In this segment, EVs approach vehicle MSRP parity in many cases, and operating savings can appear in the first month. The company works with OEMs including GM, Ford, and Mercedes-Benz while remaining vehicle- and charger-agnostic as technology evolves.

Rather than asking fleets to manage multiple vendors, Mitra EV delivers an integrated solution that simplifies deployment and operations. The company combines vehicle access, charging installation, energy management, and ongoing support into a single relationship. Long-term site host agreements enable Mitra EV to build and operate DC fast chargers at customer locations with shared network access. These agreements provide durable site control and predictable cash flows that do not depend on high charger utilization.

From Fleet Savings to Network-Level Impact

For fleet operators, the benefits of Mitra EV’s model are immediate and measurable. Mitra EV delivers immediate reductions of up to 70% in operating costs, driven primarily by lower fueling costs and reduced maintenance. These savings improve cash flow and fleet reliability from the first day of operation.

Beyond individual fleets, Mitra EV’s shared charging approach addresses a structural constraint in urban electrification. Most public fast-charging infrastructure targets passenger vehicles and does not accommodate commercial vans. Mitra EV builds charging hubs designed specifically for fleet operations, making better use of charging assets while reducing grid interconnection complexity and deployment timelines.

Fleet charging can also support a more flexible grid. Managed charging (V1G) shifts load to cheaper and cleaner hours, and vehicle-to-grid (V2G) can eventually let fleets provide power back when the grid needs it. California modeling shows these approaches can reduce system costs and support renewable integration at scale.

The model also creates value for site hosts. Businesses can monetize underused parking areas through revenue-sharing arrangements without managing charging infrastructure themselves. As network density increases, shared charging reduces the need for duplicative private depots in dense markets.

Why S2G Invested Through Special Opportunities

S2G invested in Mitra EV through our Special Opportunities strategy because we believe the company is proving out a disciplined, durable approach to fleet electrification. Mitra EV demonstrates that electrification can scale when capital structure reflects operating realities and risk profiles.

We also see a capital-structure gap in the market. Fleet electrification blends shorter-duration vehicle-lease cash flows and variable utilization revenue with longer-duration infrastructure assets, and many capital providers specialize in only one side. Mitra EV’s model, paired with fit-for-purpose financing, helps bridge that mismatch.

We believe predictable, contracted lease payments support asset-backed financing that remains resilient under conservative assumptions. S2G’s financing aligns cost of capital with contracted cash flows and physical assets rather than future utilization or policy outcomes. Establishing a conservative, contract-backed foundation allows Mitra EV to scale with resilience today while preserving optionality to explore alternative models as utilization, technology, and policy dynamics mature.

This approach will help enable Mitra EV to scale vehicle deployment and charging infrastructure responsibly, even in a volatile policy and market environment. It reflects S2G’s broader strategy of providing tailored capital solutions that unlock growth while protecting downside risk.

Mitra EV’s leadership team reinforces this foundation. Co-founder and Chief Executive Officer Galina Russell brings experience spanning transportation, infrastructure, and mobility, including leadership roles at REEF Energy, SIXT, and McKinsey. Co-founder and Chief Strategy Officer James Tong brings experience innovating energy and electrification platforms across solar, distributed energy, and EV charging, with senior roles at Zeem Solutions, Chanje Energy, and Spruce Power. Together, the founders bring complementary operating, infrastructure, and financing experience that directly informs Mitra EV’s model and execution.

The investment aligns closely with S2G’s energy transition focus, particularly solutions that deliver economic performance alongside emissions reduction. Commercial vehicles account for roughly 23% of U.S. transportation-related greenhouse gas emissions, making fleet electrification a high-impact near-term lever. By serving small and mid-sized fleets, Mitra EV targets a segment responsible for a meaningful share of these emissions yet historically overlooked by electrification providers.

Electrification also helps unlock what comes next. EVs function as data-rich, software-defined endpoints that can enable autonomy, smart routing, and eventually vehicle-to-grid participation. Early signals already appear in dense urban markets where advanced EV platforms improve service performance and customer experience.

Looking Ahead Together

Mitra EV shows how fleet electrification can scale when economics, operations, and financing align. The company plans to use this financing to expand its shared charging network, deploy additional fleet solutions, and deepen its presence across California before pursuing measured geographic expansion.

For fleet operators, Mitra EV offers a clear path to lower operating costs and improved reliability today. For investors and partners, the model demonstrates how asset-backed structures can accelerate adoption while managing risk. For the broader system, it supports electrification of the fleets that power essential services across communities.

Beyond capital, S2G brings experience across asset-backed financing, fleet electrification, and infrastructure deployment. We will support Mitra EV as it expands its charging network, strengthens its operating playbook, and enters new markets where fleet economics and incentives remain compelling.

We are excited to partner with Mitra EV and support its next phase of growth. We invite fleet operators, entrepreneurs, and partners to follow Mitra EV’s progress and explore how capital-efficient electrification can deliver immediate benefits while advancing the energy transition.