EVTV News & Events

Envirotech Vehicles announced progress building a large-scale, energy-backed digital infrastructure platform designed to serve the accelerating power demands of artificial intelligence and data center growth, as the Company continues executing on its previously announced Merger and Development Agreement with AZIO AI. The Company is developing the power, land, and connectivity that AI and high-performance computing operators require. To meet that demand, EVTV has established a development platform engineered to support up to 500 megawatts of planned behind-the-meter power capacity

Envirotech Vehicles announced a series of concrete operational milestones across its digital infrastructure platform, including the deployment of approximately 6 megawatts of modular Bitcoin mining infrastructure at its South Texas site and the commencement of initial NVIDIA B200 GPU hardware deliveries by merger partner AZIO AI Corporation with an additional $118M infrastructure pipeline where deposits have already been received. This announcement follows the Company's entry into a definitive merger agreement, dated May 19, 2026, with AZIO AI, pursuant to which, subject to certain closing conditions, the Company will acquire AZIO AI. The Company intends to provide additional details regarding the transaction structure in the Form S-4 registration statement to be filed in connection with the proposed transaction. EVTV has ordered approximately 6 megawatts of modular Bitcoin mining container infrastructure, with installation expected to begin within the coming month. The deployment will include approximately 480 M6DS++ miners operating in overclocked configuration and 158 S21 XP immersion miners - 638 high-performance units in total. Based on current on-site operating data, management estimates power costs of approximately $0.03 per kilowatt-hour via behind-the-meter natural gas generation - among the lowest reported operating power costs in the domestic digital asset mining sector. At current Bitcoin market prices, management believes this fleet has the potential to represent a revenue-generating asset from the moment operations commence. AZIO AI has commenced initial deliveries and deployment of NVIDIA B200 GPU systems. To date, AZIO AI has received customer deposits for a $118M purchase order. The full receipt of customer deposits ahead of continued delivery represents a meaningful indicator of customer commitment and pipeline credibility. AZIO AI is also evaluating additional GPU infrastructure opportunities that could further expand the pipeline. In addition, AZIO AI has delivered eight Super Micro Computer server racks installed with NVIDIA B200 GPUs to a separate customer, further demonstrating the operational momentum of its GPU distribution business and its ability to fulfill against demand for next-generation AI compute hardware. EVTV believes its behind-the-meter natural gas power position in South Texas is a structural competitive advantage - one that applies equally to Bitcoin mining, AI compute hosting, and future high-performance data center operations. The Company is advancing fiber connectivity to the South Texas site in parallel, a critical requirement for AI server deployment and high-throughput compute workloads. As integration planning advances, AZIO AI is expected to support deployment and technical operations across compute infrastructure, while EVTV continues expanding power capacity and connectivity at its South Texas site.

Envirotech Vehicles entered into a definitive merger agreement with AZIO AI Corporation. The company said, "Since the Company's original announcement of the signing of a letter of intent with AZIO AI, AZIO AI and AZIO Corp's AI infrastructure division have continued demonstrating operational advancement across multiple deployment and commercial development activities, including the receipt of deposits associated with an initial infrastructure order valued at approximately $118M and the delivery of the first eight server racks under that program. In parallel, AZIO AI has continued advancing its infrastructure pipeline through execution of a memorandum of understanding relating to next-generation B200-based AI infrastructure opportunities, reflecting ongoing engagement with prospective high-performance compute customers and continued expansion of AZIO AI's broader AI infrastructure strategy." Following completion of the transaction, the combined company expects to operate across multiple revenue channels, including: Sale and distribution of GPUs and server racks to AI infrastructure customers; Co-development and partial ownership of AI data center infrastructure, with initial focus on Texas and select international markets; Company-owned and operated bitcoin mining operations conducted domestically on owned infrastructure; and Hosting and compute leasing arrangements with prospective compute offtakers as AI infrastructure sites become operational. Discussions with prospective compute customers and infrastructure counterparties remain ongoing as deployment activities continue advancing. EVTV engaged an independent financial advisor to issue a fairness opinion relating to the consideration to be issued by EVTV to AZIO AI's stockholders in the merger transaction. Based on that review, EVTV's Board of Directors received a fairness opinion that the consideration being issued by EVTV was fair to EVTV and its stockholders. Following completion of the transaction: Chris Young is expected to serve as CEO of the combined company; Elgin Tracy is expected to continue overseeing infrastructure deployment strategy, operational scaling activities, and growth execution initiatives; and Jason Maddox is expected to continue supporting executive operations and infrastructure expansion activities. The Company estimates that, after giving effect to the issuance of 100 million shares of EVTV common stock contemplated as merger consideration, existing EVTV stockholders would be expected to hold approximately 11% of the combined company and former AZIO AI stockholders would be expected to hold approximately 89% of the combined company on a basic basis immediately following the closing, subject to adjustment in accordance with the terms of the definitive merger agreement. Following execution of the definitive agreement, the combined company's near-term operational priorities include: Preparation and filing with the U.S. Securities and Exchange Commission of a Registration Statement on Form S-4; Deployment activities targeting utilization of the approximately 11 MW of secured power capacity at the existing site; and Pursuit of additional capacity expansion opportunities of up to approximately 100 MW of combined AI compute and bitcoin mining infrastructure at the existing site, subject to availability of capital and finalization of long-term site usage agreements. The transaction has received approval by the boards of directors of both companies and by the stockholders of AZIO AI and is expected to close in the second half of 2026, subject to certain closing conditions, including, among others, approval by the stockholders of EVTV, the effectiveness of the Form S-4 to register the securities to be issued in connection with the proposed merger and the satisfaction of other customary closing conditions.

AZIO AI announced the execution of a definitive merger agreement with EVTV as part of EVTV's strategic transformation into an artificial intelligence infrastructure and compute platform focused on domestic AI deployment, data center operations, and long-term compute capacity expansion. The execution of the definitive merger agreement follows approximately six months of operational collaboration, infrastructure deployment activities, technical integration efforts, and transaction development work between the parties. The definitive merger agreement follows the parties' previously announced Letter of Intent originally structured at a $480M valuation. Since execution of the original LOI framework, EVTV and AZIO AI have continued operating collaboratively while advancing deployment operations, infrastructure planning, customer engagement activities, and long-term AI compute expansion efforts. In parallel, AZIO AI has continued advancing its infrastructure pipeline through execution of a memorandum of understanding relating to next-generation B200-based AI infrastructure opportunities, reflecting ongoing engagement with prospective high-performance compute customers and continued expansion of the Company's broader AI infrastructure strategy. Approximately 11 MW of power capacity has been ascertained at EVTV's existing site, with hardware orders already placed for an initial 6 MW of deployment. Installation and energization activities are expected to follow as deployment operations continue. Beyond the secured 11 MW, EVTV is currently engaged in discussions relating to long-term ownership and usage rights associated with up to approximately 500 MW of additional available capacity at the same site. The Company has commenced initial hardware deliveries under the previously disclosed infrastructure program, including the successful delivery of the first eight server racks associated with the customer deployment schedule. Following completion of the transaction, the combined company expects to operate across multiple revenue channels, including: Sale and distribution of GPUs and server racks to AI infrastructure customers; Co-development and partial ownership of AI data center infrastructure, with initial focus on Texas and select international markets; Company-owned and operated bitcoin mining operations conducted domestically on owned infrastructure; and Hosting and compute leasing arrangements with prospective compute offtakers as AI infrastructure sites become operational. EVTV engaged an independent third-party valuation and advisory firm to conduct a fairness analysis relating to the merger transaction. Based on that review, EVTV received an independent third-party fairness opinion supporting a $750M valuation for AZIO AI and the related strategic infrastructure assets contemplated under the transaction structure, representing significant growth from the original $480M valuation established under the LOI approximately six months earlier. Management believes the valuation increase reflects operational developments achieved during the post-LOI period.