Envirotech Vehicles (NASDAQ: EVTV) Closes Merger with Azio AI Ahead of Schedule, Positioning Combined Company to Capture $487 Billion 2026 AI Infrastructure Opportunity

HOUSTON, July 07, 2026 (GLOBE NEWSWIRE) — Envirotech Vehicles, Inc. (NASDAQ: EVTV) (“EVTV” or the “Company”) today announced the successful completion of its merger with Azio AI Corporation (“Azio AI”) on July 2, 2026, paving the way for the Company to transform into an AI datacenter provider focused on AI infrastructure, enterprise GPU compute, digital power solutions, data center development, and digital asset infrastructure.

The International Data Corporation (IDC) projects global AI infrastructure spending will reach $487 billion in 2026 and exceed $1 trillion by 2029. The parties amended the transaction structure to expedite closing, allowing the combined company to operate as a fully integrated public company sooner than originally anticipated.

Operational Momentum

• Approximately six megawatts of off-grid digital infrastructure deployed at the Company’s South Texas development site
• Development footprint exceeding 548 acres with potential to support up to 500 MW of AI infrastructure capacity
• Customer commitments established and commercial execution underway

Leadership Changes

In connection with the closing:

• Chris Young appointed Chief Executive Officer and Chairman of the Board
• Simon Yu appointed President
• Jason Maddox appointed Chief Financial Officer
• Phillip Oldridge stepped down as Chief Executive Officer

“Today’s announcement represents far more than the completion of a merger—it marks the beginning of our next chapter,” said Chris Young, Chief Executive Officer. “With the merger now finalized, we move forward as one company with one leadership team and one strategy, focused on executing against the opportunities in front of us.”

Jason Maddox, Chief Financial Officer, added: “Completing this transaction under the amended merger structure allows us to immediately focus on execution. We have already established meaningful operational momentum.”

Transaction Highlights

• Successfully completed the merger with Azio AI pursuant to an amended and restated merger agreement
• Merger consideration: 2,655,157 shares of common stock and 973,450 shares of non-voting convertible preferred stock for 100% of Azio AI, including 194,807 common shares reserved for assumed convertible notes
• Each preferred share convertible into 100 shares of common stock, subject to stockholder approval

About the Company

Envirotech Vehicles, Inc. (NASDAQ: EVTV) is a technology infrastructure company focused on developing, owning, and operating AI data centers, enterprise GPU compute infrastructure, digital power solutions, and digital asset mining operations. Following its acquisition of Azio AI, the Company operates an integrated AI infrastructure business serving enterprise and institutional customers.

For more information, visit www.azioai.ai.

Read the Full Release

View the original announcement on GlobeNewswire

Contact

Phoenix MGMT & Consulting
Press@PhoenixMGMTConsulting.com
888-228-0122

Source: Envirotech Vehicles / GlobeNewswire