EVTV files name change to Azio AI, signs $27.9M hosting deal

Envirotech Vehicles, Inc. (NASDAQ: EVTV) announced it has filed a corporate name change to Azio AI, Inc., effective July 10, 2026, following the completion of its merger with Azio AI. The company's ticker symbol change on Nasdaq remains pending confirmation, and shares will continue trading under "EVTV" in the interim.

Alongside the name change, the company announced a power purchase and AI infrastructure hosting agreement with Power Champion Investment Limited. The initial contract covers approximately 3.1 megawatts of GPU hosting capacity and is expected to generate approximately $27.9 million in capacity reservation charges over the initial contract term, excluding electricity sales and additional infrastructure services.

Power Champion has placed an initial deposit under the agreement. Services to be provided include power delivery, fiber connectivity, remote operations, technical support, and related infrastructure services.

The agreement also includes expansion rights that could increase the deployment to as much as 12 megawatts. If those rights are exercised in full, the company estimates the total potential contract value could reach approximately $100 million, before electricity sales and additional infrastructure services. The company noted no assurance can be given that expansion rights will be exercised or that additional capacity will be deployed.

Additional terms of the agreement are expected to be described in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

"This is a defining moment for our company," said Chris Young, Chief Executive Officer. "Announcing our first long-term contracted AI hosting relationship — an approximately $27.9 million agreement — at the same time demonstrates that this strategy is already converting into contracted, recurring revenue."

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