Followed the UltraZed – EG Starter Kit Getting Started guide that came with the kit.
After step 8 (slide SW8 power switch to ON)
Stopped the boot process by hitting return on the terminal prompt to get the U-Boot_PetaLinux> prompt.
From the U-Boot_PetaLinux> prompt typed in the following.
U-Boot-PetaLinux> setenv ipaddr 192.168.1.2
Then
U-Boot-PetaLinux> saveenv
(Then the following is displayed on the com port.)
Saving Environment to SPI Flash...
Invalid bus 0 (err=-19)
*** Warning - spi_flash_probe() failed, using default environment
## Error: flags type check failure for "serverip" <= "AUTO" (type: i)
himport_r: can't insert "serverip=AUTO" into hash table