The Black Economic Council of Massachusetts is highlighting opportunities for Black businesses to become a part of the electric vehicle industry as an influx of investments enters the sector.

“There’s plenty of money. There’s nothing but money,” Nicole Obi, president of the Black Economic Council of Massachusetts, told What’s Up Newp. “What we don’t have is time. All that money has an expiration date, and we still aren’t getting the contracts and the capital.”

The group recently held a Kickstarter event encouraging Black-owned businesses to grow by installing or servicing electric vehicle chargers, reselling equipment, and offering charging services.

Three Black-owned businesses received $10,000 to facilitate growth in the EV sector.

“We want to make sure that we are being mindful and intentional about getting Black people (and) Black businesses into the climate, sustainability, and resiliency space,” Obi told What’s Up Newp. “This is just one of many ways that we’re looking to do that.”

Founded in 2015, the Black Economic Council of Massachusetts aims to reduce the wealth gap between white and Black households.

A 2015 study from the Federal Reserve Bank of Boston showed that white households had an average net worth of $247,500, while the average net worth of Black households was just $8.

Since its launch, the business group has supported Black entrepreneurs in the biotech and cannabis industries in the state. Now, the sustainability and electric vehicle market are key areas of focus for the Black Economic Council of Massachusetts, according to What’s Up Newp.

More new electric vehicle models are now eligible for a $7,500 tax credit thanks to the federal Inflation Reduction Act, passed in 2022. It also provided a credit of up to $4,000 for used electric vehicle purchases and created a credit for the installation of charging stations.

Moreover, the state of Massachusetts recently approved a plan by electric utilities to invest $400 million in charging infrastructure, according to What’s Up Newp.

The organization is calling out electricians and contractors, property managers, and valet firms for future activations and networking events.

“I don’t know when we’re going to see a moment like this again,” Obi told What’s Up Newp. “I have a great sense of urgency about moving things along.”