Envirotech Vehicles closes Azio AI merger early, targeting $487B AI market

Envirotech Vehicles Inc. (NASDAQ: EVTV) completed its merger with Azio AI Corp. on July 2, six days before the announcement, after the parties amended the deal structure to accelerate the closing timeline and pivot the combined company toward the $487 billion AI infrastructure market.

"The completion of this transaction under the amended merger structure allows us to immediately focus on execution," said Jason Maddox, chief financial officer of EVTV. "We have already established meaningful operational momentum, and operating as a unified public company enhances our ability to deploy infrastructure and serve customers."

The merger consideration consisted of 2.66 million shares of common stock and 973,450 shares of non-voting convertible preferred stock for 100% of Azio AI's outstanding capital stock, with each preferred share convertible into 100 common shares subject to stockholder approval. An additional 194,807 common shares were reserved for Azio AI convertible notes assumed by the company at closing. The combined entity has already deployed six megawatts of off-grid power at its South Texas site and secured rights to a 548-acre property with the potential to scale to 500 megawatts of AI hyperscale data center capacity.

The transaction marks a full strategic pivot for EVTV, which previously operated as an electric vehicle manufacturer. The company now positions itself as an AI infrastructure provider spanning data center development, enterprise GPU compute, digital power solutions, and digital asset mining operations. International Data Corp. projects global AI infrastructure spending will reach $487 billion in 2026 and exceed $1 trillion by 2029, according to an April report. The accelerated closing enables management to pursue commercialization immediately rather than waiting through a prolonged deal timeline, with infrastructure deployment, customer commitments, and commercial execution already in progress.

In connection with the closing, Phillip Oldridge stepped down as chief executive officer. The board appointed Chris Young, former CEO of Clubhouse Media Group, as chief executive officer and chairman, and Simon Yu as president. Jason Maddox, previously president, assumed the role of chief financial officer. Young said the company's objective is to "build a scalable platform capable of serving that demand while creating long-term value for our shareholders."

This article is for informational purposes only and does not constitute investment advice.