Powering Homes, Empowering Singapore’s Thriving Startup Industry: Ohm Energy’s Story

New power, same bill—that’s what Ohm is all about. Started in 2015, Ohm Energy is an electricity provider that prides itself on supplying affordable carbon-neutral electricity all over Singapore. Since the opening of the electricity market in 2018, they have gained a significant share of the market in just a short span of time, by listening to customer needs and putting customers first.

To give us an insight into Ohm Energy’s humble beginnings, we sat down with their Founder, Jomar Eldoy, to learn more about the highs and lows of entering Singapore’s electricity market, where they are now in their business journey, and pieces of advice for aspiring entrepreneurs.

P.s. Read till the end to access a special promo code exclusively for Aspire users!

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What is Ohm Energy all about?

Ohm Energy is a licensed electricity retailer in Singapore, which we started in 2015. At Ohm, we believe that having electricity should not be complicated and expensive. This is why our focus lies in supplying electricity to residential customers and providing them with a fuss-free switching experience.

What made you decide to start Ohm Energy?

I have always wanted to set up an electricity retailer that operates in the digital space and leverages business automation and technology. Having been in the electricity market throughout my career, I decided that Singapore was the perfect place to do that. Since this business is highly competitive, the focus needs to be on operational cost-efficiency.    

How does Ohm Energy differentiate itself from the existing energy providers in the market?

Ohm differentiates itself on a few fronts: billing arrangement, customer service and being environmentally conscious.

As one of the few retailers that have tied up with SP Group, our customers’ billing and payment arrangements remain the same, but just at a lower and more affordable price.

We have also garnered good reviews from our customers based on our efficient customer service team and quick turnaround response time—we often get back to our customers within the hour on our social media platforms. We also believe in treating our customers fairly. For example, under our diplomatic clause, we waive any early termination fees for customers leaving the country permanently.  

To top it off, we also offer carbon offset options on all our price plans for our customers as an environmentally conscious company.

What was the toughest challenge you faced on your journey as an entrepreneur?

The greatest challenge is finding the right people to execute your business plan. We put a lot of effort into finding the right people; specifically targeting people we knew or acquaintances of someone we knew well, and completely avoided advertising the positions.

What has been the highlight of your journey as a founder to date?

The highlight was probably the day the Open Electricity Market (OEM) opened in March 2018. Not only was it a joy to see our systems working as expected and potential customers responding positively to our customer service; but it was also the final step in opening up the Singapore Electricity Market for competition (a journey that started nearly 20 years earlier). Seeing 3 years of building Ohm come to fruition was extremely satisfying.

In your startup’s early stage, how was your search for a banking business partner like?

The number of banks that offered the services we needed, especially electricity futures clearing, were very limited. We had to rely on our existing relationships and tap into banks currently being used by the electricity marketplace.

What made you decide to use Aspire?

The answer is easy. Just like Ohm Energy’s business model, Aspire’s applications and processes are all completed online. The approach is attractive as it is a fuss-free portal to serve our day-to-day banking needs.

As a founder, what is the best piece of advice you’ve received?

If you are looking to start a business in something you love and believe in, success will come to you. If the focus of the end result is just on money, you will most likely fail.

What advice do you have for other founders who are starting on their journeys?

Be patient and passionate about your business, product, or idea. Find the right people to help you realize your dreams; don’t try to do everything yourself

What’s next for Ohm Energy?

Overall market switch rates are encouraging with pockets of opportunity still available within Singapore. We will continue to tap into that, and build our brand and enhance our products and services.

Are there any special offers you want to share with the Aspire community?

Indeed, we do! Exclusively for the Aspire community, we are offering a S$30 sign-up bonus for new customers. Simply key in the promo code “30ASPIRE2021” during the online application process on our website to enjoy this bonus.

For those who want to make the switch, don’t miss this chance to experience carbon neutral electricity that’s both safe for the earth and your wallet!

While it isn’t mandatory, choosing a banking partner with the same business philosophy as you can benefit your brand significantly in the long run. In the same way that Ohm Energy believes in the power of digital solutions and adopting a customer-first mindset, Aspire also operates under the same set of values.

With a 100% digital application process, no hidden fees, and swift customer support, users from anywhere in the world can easily open a business bank account with us and incorporate their company in Singapore in just a few clicks, just like how the guys at Ohm Energy did. This opens up a myriad of opportunities for seamless business banking that will only grow your company from here on out.