Last Updated: 7 July 2026
Envirotech Vehicles has completed its merger with Azio AI, adding AI data centers, enterprise GPU systems and digital power infrastructure to its business. The deal gives the Nasdaq listed company a much broader operating focus and moves it further into the market for high performance computing, data center development and energy systems designed to support demanding AI workloads.
The transaction closed on July 2, 2026, earlier than expected after both companies amended the merger agreement. Azio AI is now part of EVTV following the completion of the merger. The companies did not disclose a cash purchase price, an valuation or an external funding round, making the deal a strategic combination rather than a conventional cash backed acquisition.
Under the final agreement, the merger consideration included 2,655,157 EVTV common shares and 973,450 Series A non-voting convertible preferred shares. Of the common shares, 194,807 were reserved for holders of $150,000 in Azio AI convertible notes assumed at closing.
Each preferred share can be converted into 100 EVTV common shares once stockholders approve the proposal. A full conversion would add about 97.3 million common shares. Ownership limits and other adjustments may affect the final number. EVTV plans to put the conversion to a stockholder vote alongside an equity incentive plan and a possible name change to Azio AI Holdings.
The share structure gives EVTV full control of Azio AI. It could also expand the number of common shares by a substantial amount. Existing investors will therefore need to consider the potential effect on their ownership percentage.
The merger comes as companies, cloud providers and governments spend heavily on computing systems built for artificial intelligence. These projects require large numbers of GPUs, reliable power supplies, cooling equipment, networking systems and suitable data center sites.
Investment in AI infrastructure is growing fast and could hit $487 billion in 2026. That is about 53% more than last year. By 2029, yearly spending may top $1 trillion. The challenge is keeping those systems powered. Many regions do not have enough electricity available for the data centers now being planned on schedule.
“Today’s announcement represents far more than the completion of a merger—it marks the beginning of our next chapter. 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 finalized, 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.”
Chris Young, Chief Executive Officer of EVTV.
EVTV says it has deployed six megawatts of off grid power for modular data centres at its South Texas development site. It has also secured rights to a 548 acre property that the company believes could eventually support up to 500 megawatts of capacity.
The combined business plans to use this infrastructure for AI data centres, enterprise GPU computing, power hosting and digital asset mining. Management also intends to pursue commercial partnerships and infrastructure investments that could produce several sources of revenue from the same power assets.
The merger doesn't provide EVTV with a disclosed pool of new cash. Expansion will therefore depend on the company’s existing resources, customer payments, partnerships and its ability to raise further capital. EVTV has acknowledged in regulatory filings that data centre development may face engineering problems, supply limits, equipment delays, regulatory requirements and high capital costs.
Chris Young has become EVTV’s chief executive officer and a Class II member of its board. Before the acquisition, he served as Azio AI’s CEO and chairman from October 2025. His previous work includes technology companies, early stage investing, corporate law and advising startups through Amplify.LA.
Simon Yu, formerly Azio AI’s chief operating officer, has been appointed president. He has worked with public companies, startup investments, capital raises and mergers. Jason Maddox has moved from president and interim finance chief to the permanent chief financial officer role.
Phillip Oldridge resigned as EVTV’s CEO, chairman and director when the merger closed. According to the SEC filing, his departure was not caused by a disagreement over the company’s operations, policies or practices. David Shiue, Gary Chen and Jenny Yang have also joined the management team in business development, product and administrative positions.
Envirotech Vehicles was previously known as ADOMANI and adopted its current name in May 2021. The company historically focused on commercial electric vehicles before adding medical supplies, drone operations and energy backed computing projects.
The acquisition represents a major change in direction. EVTV’s 2025 annual report described its AI infrastructure work as an early stage initiative and warned that the company had limited experience in this market. The report also said there was no guarantee that its planned computing systems would gain customers or become profitable.
Azio AI adds plans for enterprise GPU sales, server infrastructure, data centre development, power hosting and strategic technology investments.
The companies did not identify any venture capital firms, institutional investors or other outside participants as investors in the merger. Instead, Azio AI’s existing stockholders received EVTV common and preferred shares in exchange for their ownership of the company.
“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,”
Jason Maddox, Chief Financial Officer of EVTV.
EVTV will now need to integrate Azio AI, finance its planned infrastructure and secure approval for the preferred share conversion. Closing the transaction was one step. Building a commercially sustainable AI infrastructure business will be the harder test.