Envirotech Vehicles Closes Azio AI Merger, Names Chris Young CEO in $487 Billion AI Pivot
Updated
Updated · Computerworld · Jul 7
Envirotech Vehicles Closes Azio AI Merger, Names Chris Young CEO in $487 Billion AI Pivot
3 articles · Updated · Computerworld · Jul 7
Summary
July 2 marked the close of Envirotech Vehicles’ merger with Azio AI under an amended structure, letting the combined company immediately operate as a public AI infrastructure platform.
Chris Young was appointed CEO and chairman effective immediately, Simon Yu became president, Jason Maddox shifted to CFO, and former CEO Phillip Oldridge stepped down.
Six megawatts of off-grid power are already deployed at EVTV’s South Texas site, where the company says it has rights to 548 acres that could scale to 500 MW for hyperscale AI data centers.
The merger consideration included 2,655,157 common shares and 973,450 non-voting convertible preferred shares, with each preferred share convertible into 100 common shares subject to stockholder approval.
EVTV is using the deal to pivot from vehicles into AI data centers, enterprise GPU compute, power hosting and digital asset mining, targeting an AI infrastructure market IDC projects at $487 billion in 2026 and above $1 trillion by 2029.