Vestas, the global leader in sustainable energy solutions, has expanded its partnership with platform-specific payment infrastructure provider Mangopay, to manage the payment flows of Covento, its B2B marketplace dedicated to parts for the renewable energy sector.
Building on their collaboration since 2021, this enhanced partnership will see Mangopay manage all payment flows streamlining the procurement process for renewable products and delivering a seamless payment experience similar to B2C e-commerce sites.
The renewable energy market is experiencing significant growth, with a valuation of $1.1 trillion in 2022 and a projected compound annual growth rate (CAGR) of 16.9% from 2023 to 2030. Covento, initially launched in France, Denmark, Germany, Spain, and the Netherlands, stands at the forefront of this industry, offering a comprehensive range of 40,000 renewable spare parts.
Covento is revolutionising the fragmented renewable aftermarket into a simplified and connected digital journey by providing an end-to-end solution for supplier consolidation and streamlining the traditionally burdensome and costly procurement process.
Marketplaces like Covento play a pivotal role in the transparent and efficient purchase of renewable energy materials. The adoption rate of global B2B marketplaces has grown 8.6 times since 2015, with a combined enterprise value of $214 billion. While marketplaces offer opportunities for businesses to innovate their buying and selling experience and reach new audiences, customers seek a seamless purchasing journey that emulates traditional e-commerce sites, encompassing every touchpoint from product portfolio to the payment process.
Covento’s main challenge lies in offering a comprehensive experience that allows easy reconciliation, refunds, and dispute management. By leveraging the e-wallet technology, Covento can route payments, optimize seller payments based on specific business rules and reconciliation processes. Additionally, Mangopay’s pay-in solution ensures secure checkouts to users.
Casper Algren, Chief Commercial Officer, Covento, emphasizes: “Covento is on a mission to become the leading B2B marketplace for the renewable industry, facilitating global e-commerce for both buyers and sellers. The payment experience plays a crucial role in achieving this ambition, and we are thrilled to collaborate with Mangopay to unlock new payment capabilities for our marketplace ecosystem.”
Romain Mazeries, CEO at Mangopay, comments: “Covento serves as an excellent example of a thriving platform in the rapidly growing renewable market. B2B payments sit at the heart of the B2B marketplace and play a pivotal role in facilitating seamless coordination and execution of complex transactions in just a few clicks for both buyers and sellers. We are proud to support Covento on their journey to become an industry leader renewable energy parts and services and underpin a vital component of their business model.”
The extended partnership between Vestas and Mangopay marks a significant milestone in the evolution of Covento, reinforcing its position as a major marketplace for renewable energy parts and services.