AZIO AI Executes Definitive Merger Agreement with Envirotech Vehicles, Inc. (NASDAQ: EVTV) at $750 Million Valuation Supported by Independent Third-Party Fairness Opinion

AZIO AI Corp. has entered into a definitive merger agreement with Envirotech Vehicles, Inc. (EVTV), valuing the transaction at $750 million. This agreement, announced on May 20, 2026, marks a significant milestone in EVTV's strategic transformation into an artificial intelligence infrastructure platform, reflecting a notable increase from the initial $480 million valuation established in a prior letter of intent. The transaction is structured to involve 100 million shares of EVTV, underscoring the companies' collaborative efforts over the past six months.

The merger is positioned within the rapidly evolving sector of artificial intelligence infrastructure, where demand for compute capacity and power availability is surging in the United States. AZIO AI, recognized for its development of next-generation AI infrastructure and power-integrated data center solutions, has been actively collaborating with EVTV to advance operational capabilities and infrastructure deployment. This partnership has yielded significant operational advancements, including the receipt of approximately $118 million in customer deposits for an initial infrastructure order and the successful delivery of the first eight server racks. These developments are indicative of a robust pipeline that both companies are building to meet the growing needs of AI deployment.

The strategic rationale behind the merger is multifaceted. For EVTV, the transition into AI infrastructure represents a pivot towards one of the fastest-growing segments in technology, which encompasses domestic data center expansion and AI-supported operations. The merger not only enhances EVTV's operational capabilities but also positions it to capitalize on the increasing demand for AI compute resources. Meanwhile, AZIO AI stands to gain from EVTV's established infrastructure and customer base, further solidifying its presence in the AI infrastructure market.

The transaction has been supported by an independent third-party fairness opinion, which validated the $750 million valuation. This assessment reflects the operational progress made since the original LOI, including the establishment of 11 megawatts (MW) of power capacity at EVTV's site, with plans for further expansion. The ongoing discussions regarding additional power capacity of up to 500 MW indicate a proactive approach to addressing the power availability challenges faced by many operators in the AI infrastructure space.

As the merger moves forward, the combined entity is expected to diversify its revenue streams significantly. This includes the sale and distribution of GPUs and server racks, co-development of AI data center infrastructure, and hosting arrangements with prospective customers. The transaction not only highlights the strategic alignment between AZIO AI and EVTV but also reflects broader trends in the AI and data center sectors, where infrastructure capabilities are increasingly critical to meeting the demands of a data-driven economy. The successful integration of these two companies could set a precedent for future collaborations within the rapidly expanding AI infrastructure market.