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Zipcar Inc. of Cambridge reported today in a release that it is teaming up with Ford Motor Co. in a two-year deal to supply college students with the company’s car-sharing service.
The deal calls for Ford to supply an initial 650 vehicles that Zipcar (Nasdaq: ZIP) will make available to more than 250 college campuses in the United States. Over the two years the number of vehicles could reach 1,000, according to the release. The two vehicles that Ford will supply are the 2012 Ford Focus and the 2012 Ford Escape. They should start reaching the colleges this week, Zipcar said in the release.
No financial details of the agreement were disclosed. Among the local colleges participating are Harvard University, Yale University and MIT, among others, the companies said.
In June, Zipcar launched its car-sharing service in Providence, R.I., making it the 15th metropolitan market the company is serving.
Zipcar signed a deal in May to make its car-sharing service to the more than 17,000 residents at apartment properties owned by Equity Residential in Boston, New York, Seattle and Washington D.C.
Publicly traded Zipcar raised $174.3 million in its April 14 initial public offering, pricing shares at $18 each, well above what the company had previously expected. Zipcar first registered to go public in June 2010, with a $75 million figure on the cover. The company had raised approximately $40 million from venture capital investors, and in December added another $21 million led by Meritech Capital Partners.
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