We've heard conflicting reports about the name, but Al was able to confirm the "E" stands for "Evolution," the "Vo" stands for "Vogue," and the "Ra" stands for "Ra the Sun God." Put that together and you come up with: "a vogue, evolved sun god everyone who buyers must worship."
Either that or it stands for "Aura." We'll let you decide which one is more ridiculous. Hat tip to Al!