EVTV completes merger with Azio AI; appoints new CEO and President, targets $487B AI infrastructure market

Envirotech Vehicles, Inc.

Merger with Azio AI closed July 2, 2026; consideration: 2,655,157 common shares and 973,450 convertible preferred shares for 100% of Azio AI.
Chris Young appointed CEO and Chairman; Simon Yu appointed President; Jason Maddox becomes CFO; Phillip Oldridge steps down as CEO.
Company pivots to AI datacenter infrastructure; 6 MW off-grid power deployed at South Texas site; 548-acre site with up to 500 MW capacity.
IDC projects $487B global AI infrastructure spending in 2026, over $1T by 2029; combined company targets this market.

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