Envirotech Vehicles Closes Merger With Azio AI Ahead Of Schedule

-Content by TechNewswire-

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 to an AI Datacentre Provider and meeting the growing market demand for artificial intelligence (“AI”) infrastructure, enterprise GPU compute, digital power solutions, data centre development and digital asset infrastructure; a market that the International Data Corporation (IDC) projects will reach $487 billion in global spending in 2026 and exceed $1 trillion by 2029.

Thetransaction marks a defining milestone in the Company’s strategic transformation and establishes the foundation for its next phase of commercial execution and long-term growth.

The parties amended the proposed transaction structure to expedite the closing timeline, allowing the combined company to begin operating as a fully integrated public company significantly sooner than originally anticipated. The accelerated closing enables management to immediately focus on commercialisation across its expanding AI Datacentre strategy.

With the merger complete and the combined company operating as one organisation, management is now fully focused on commercial execution, infrastructure deployment, strategic growth initiatives, and creating long-term shareholder value.

Over the past several months, the Company advanced development activities at its South Texas site and deployed six megawatts of off-grid power for its modular data centres. The Company further secured rights to a 548-acre site with the capacity to scale up to 500 MW, supporting the future development of AI hyperscale data centres.

Management believes these achievements demonstrate that the combined company is entering its next phase with meaningful operational momentum already in place rather than beginning from a standing start. Infrastructure deployment is underway, customer commitments have already been established, commercial execution is actively progressing, and the Company’s corporate structure is now aligned with an operating platform built to support long-term expansion.

The completion of the merger comes at a time when investment in AI infrastructure continues to accelerate globally as enterprises increasingly require access to high-performance computing resources, GPU infrastructure, and scalable digital power solutions.

Management believes the combined company is well positioned to capitalise on these long-term industry trends through a diversified infrastructure strategy designed to monetise power assets across multiple complementary revenue streams, including AI data centres, enterprise compute infrastructure, power hosting, and digital asset mining operations.

Following the closing of the transaction, the Company intends to continue expanding its AI Infrastructure strategy through AI data centre development, enterprise GPU compute solutions, power hosting services, digital asset mining operations, strategic infrastructure investments, and additional commercial partnerships designed to maximise utilisation of its power resources while creating multiple long-term revenue opportunities.

In connection with the closing of the merger, Phillip Oldridge has stepped down as Chief Executive Officer. Jason Maddox vacates the President position and is now the Chief Financial Officer. The Company’s Board of Directors appointed Simon Yu as President and Chris Young as Chief Executive Officer, effective immediately.

Mr. Yu is a serial entrepreneur and public markets operator with almost a decade of experience taking companies public, executing capital raises, and scaling businesses. He has previously served in founder, C-suite, and board roles at three publicly traded companies, two of which reached market capitalisations in excess of $1 billion.

Mr. Yu has led legal, accounting, and advisory teams through Regulation A+ Tier 2 offerings, PCAOB audits and public company reporting, alongside leading M&A transactions. As an active early-stage venture investor, he has evaluated investment opportunities across artificial intelligence, SaaS, and B2B technology.

Mr. Young brings extensive experience in launching and leading public companies and investing in and advising emerging technology companies, with a particular focus on artificial intelligence, software innovation, and strategic growth initiatives.

Prior to joining EVTV, he served as Chief Executive Officer of Clubhouse Media Group, a publicly traded social media company and an Entrepreneur in Residence at Amplify, where he worked alongside founders and venture-backed technology companies to accelerate commercialisation and support the development of high-growth technology businesses.

“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 of EVTV. “Over the past several months, our teams have been building the operational foundation of this business while simultaneously working toward completing this transaction. With the merger now finalised, we move forward as one company with one leadership team and one strategy, focused on executing against the opportunities in front of us. We believe demand for AI infrastructure, enterprise compute, and digital infrastructure will continue expanding for years to come. Our objective is to build a scalable platform capable of serving that demand while creating long-term value for our shareholders.”

Jason Maddox, Chief Financial Officer of EVTV, added, “Completing this transaction under the amended merger structure allows us to immediately focus on execution. We have already established meaningful operational momentum, and we believe operating as a unified public company enhances our ability to deploy infrastructure, serve customers, pursue strategic growth opportunities, and continue building long-term shareholder value.”

The transaction establishes a unified operating platform designed to support the Company’s long-term growth strategy through continued investment in AI infrastructure, enterprise computing, digital power assets, and digital infrastructure development. Management believes the completion of the merger provides the operational and organisational foundation necessary to pursue the next phase of commercialisation while expanding its presence across some of the fastest-growing sectors of the global technology market.

Transaction and Operational Highlights

• Successfully completed the merger with Azio AI pursuant to an amended and restated merger agreement
• Approximately six megawatts of off-grid digital infrastructure deployed at the Company’s South Texas development site
• Development footprint exceeding 548 acres with the potential to support up to 500 MW of AI infrastructure capacity
• Combined company positioned to accelerate commercialisation across AI infrastructure, enterprise GPU compute, digital power solutions, and digital asset mining operations
• Merger consideration consisted of 2,655,157 shares of common stock and 973,450 shares of non-voting convertible preferred stock in exchange for 100% of outstanding capital stock of Azio AI, of which 194,807 shares of common stock were reserved for convertible notes of Azio AI assumed by the Company upon closing
• Each share of preferred stock convertible into 100 shares of Company common stock subject to stockholder approval
• 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

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