Envirotech Vehicles Provides Milestone Update Following AZIO AI Merger Agreement; Customer Deposits Received Against $118 Million Pipeline, 638-Unit Miner Fleet Deploying at Industry-Low $0.03/kWh Power Cost

Behind-the-Meter Natural Gas Power, Modular Infrastructure, and NVIDIA B200 Deployments Position Combined Platform for Scalable AI and Digital Asset Growth

Envirotech Vehicles, Inc. (NASDAQ:EVTV) ("EVTV" or the "Company") today announced a series of concrete operational milestones across its digital infrastructure platform, including the deployment of approximately 6 megawatts of modular Bitcoin mining infrastructure at its South Texas site and the commencement of initial NVIDIA B200 GPU hardware deliveries by merger partner AZIO AI Corporation ("AZIO AI") with an additional $118 million infrastructure pipeline where deposits have already been received. This announcement follows the Company's entry into a definitive merger agreement, dated May 19, 2026, with AZIO AI, pursuant to which, subject to certain closing conditions, the Company will acquire AZIO AI. The Company intends to provide additional details regarding the transaction structure in the Form S-4 registration statement (the "Form S-4") to be filed in connection with the proposed transaction.

South Texas Deployment Underway

EVTV has ordered approximately 6 megawatts of modular Bitcoin mining container infrastructure, with installation expected to begin within the coming month. The deployment will include approximately 480 M6DS++ miners operating in overclocked configuration and 158 S21 XP immersion miners — 638 high-performance units in total.

Based on current on-site operating data, management estimates power costs of approximately $0.03 per kilowatt-hour via behind-the-meter natural gas generation — among the lowest reported operating power costs in the domestic digital asset mining sector. At current Bitcoin market prices, management believes this fleet has the potential to represent a revenue-generating asset from the moment operations commence.

AZIO AI Pipeline: Deposits Received, Deliveries Commenced

AZIO AI, a distributor of Super Micro Computer systems and EVTV's merger partner, has commenced initial deliveries and deployment of NVIDIA B200 GPU systems — among the most advanced AI compute hardware currently available commercially.

To date, AZIO AI has received customer deposits for a $118 million purchase order. The full receipt of customer deposits ahead of continued delivery represents a meaningful indicator of customer commitment and pipeline credibility. AZIO AI is also evaluating additional GPU infrastructure opportunities that could further expand the pipeline.

In addition, AZIO AI has delivered eight Super Micro Computer server racks installed with NVIDIA B200 GPUs to a separate customer, further demonstrating the operational momentum of its GPU distribution business and its ability to fulfill against demand for next-generation AI compute hardware.

A Platform Built on Low-Cost Power

EVTV believes its behind-the-meter natural gas power position in South Texas is a structural competitive advantage — one that applies equally to Bitcoin mining, AI compute hosting, and future high-performance data center operations. The Company is advancing fiber connectivity to the South Texas site in parallel, a critical requirement for AI server deployment and high-throughput compute workloads.

As integration planning advances, AZIO AI is expected to support deployment and technical operations across compute infrastructure, while EVTV continues expanding power capacity and connectivity at its South Texas site.

About Envirotech Vehicles, Inc.

Envirotech Vehicles, Inc. (NASDAQ:EVTV) is a technology-focused infrastructure company executing a strategic transition toward AI compute, digital asset mining, and energy-backed data center operations, anchored by behind-the-meter natural gas power in South Texas.

About AZIO AI

AZIO AI is an artificial intelligence infrastructure company focused on the sale and distribution of GPUs and server racks, co-development of AI data center capacity in domestic and international markets, and operation of compute and Bitcoin mining systems.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "may," "will," "could," "expect," "anticipate," "believe," "estimate," "project," "intend," "continue," "potential," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements include statements regarding installation and deployment of modular Bitcoin mining container infrastructure, estimated operating power costs, ability to generate revenue from Bitcoin mining container infrastructure, AZIO AI's delivery of GPU infrastructure, AZIO AI's ability to expand its pipeline with additional GPU infrastructure opportunities, EVTV's ability to advance fiber connectivity to its South Texas site, AZIO AI's ability to support deployment and operations across compute infrastructure, EVTV's ability to expand its power capacity at its South Texas site, customer demand for GPU compute infrastructure, the parties' ability to scale their modular data infrastructure, anticipated filing and effectiveness of the Form S-4, the expected timing of consummation of the proposed merger, the ability of the parties to satisfy the conditions to completion of the proposed merger, including the receipt of required stockholder approval, the expected post-closing listing and trading of the combined company's shares on the Nasdaq Capital Market, anticipated benefits and synergies of the proposed merger, and the Company's broader business strategy. These statements are based on current expectations and assumptions that involve risks and uncertainties that could cause actual results to differ materially. Most of these factors are outside the Company's control and are difficult to predict. Factors that may affect actual results include, but are not limited to, the Company's limited operating history within AI infrastructure and compute operations, project scope, engineering challenges, supply chain constraints, installation timelines, energy availability, finalization of site usage rights, regulatory considerations, SEC review timing, equipment performance, ability to raise capital required for expansion activities, changes in digital asset markets, evolving compute demand, market conditions, the risk that the closing conditions to the proposed merger are not satisfied or waived, including the failure to obtain required stockholder approval or the failure of the SEC to declare the Form S-4 effective on a timely basis or at all; uncertainties as to the timing of the consummation of the proposed merger; the risk that the proposed merger disrupts the Company's current plans, operations, or business relationships; the risk of unexpected costs, charges, or expenses resulting from the proposed merger; the risk that the anticipated benefits and synergies of the proposed merger are not realized; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed merger; risks related to the diversion of management's attention from ongoing business operations during the pendency of the proposed merger; risks related to the Company's ability to maintain its Nasdaq listing pending the closing of the proposed merger; and additional risks and uncertainties described in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC, which are available at www.sec.gov. The Company undertakes no obligation to update forward-looking statements except as required by law.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor a solicitation of any vote or approval with respect to the proposed merger or otherwise. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Additional Information and Where to Find It

This communication relates to the proposed merger involving AZIO AI and EVTV and may be deemed to be solicitation material in respect of the proposed merger. In connection with the proposed merger, EVTV will file relevant materials with the SEC, including the Form S-4 that will contain a proxy statement/prospectus. This communication is not a substitute for the Form S-4, the proxy statement/prospectus, or for any other document that EVTV may file with the SEC or send to EVTV's stockholders in connection with the proposed merger. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF EVTV ARE URGED TO READ THE FORM S-4, THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EVTV, THE PROPOSED MERGER AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Form S-4, the proxy statement/prospectus and other documents filed by EVTV with the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by EVTV with the SEC will also be available free of charge on EVTV's website at www.evtvusa.com/company/investor-relations/ or by contacting EVTV's investor relations department at info@evtvusa.com.

Participants in the Solicitation

EVTV, AZIO AI, and their respective directors and certain of their executive officers may be considered participants in the solicitation of proxies from EVTV's stockholders with respect to the proposed merger under the rules of the SEC. Information about the directors and executive officers of EVTV is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on April 13, 2026, and in subsequent Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Additional information regarding the persons who may be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in the Form S-4, the proxy statement/prospectus, and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in the "Additional Information and Where to Find It" section above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260526764447/en/

MEDIA CONTACT

Phoenix MGMT & Consulting

Press@PhoenixMGMTConsulting.com

888-228-0122