Wallace, 26, confirmed his deal with Kingsford in a social media post on Wednesday. The deal’s financial terms and the length of the partnership were not disclosed.
Wallace, who drives the No. 43 car for Richard Petty Motorsports, has emerged as one of NASCAR’s most marketable young stars. Within the last few months, Wallace has signed sponsorship deals with Apple-owned Beats by Dre headphones, DoorDash and Columbia Sportswear.
An outspoken voice in the NASCAR community, Wallace is the only Black driver in the top-tier Cup Series. He gained national attention earlier this year after he successfully lobbied NASCAR officials to ban the Confederate flag from flying at its events.
NASCAR drivers rallied to support Wallace in June after a noose-like rope was found in his garage at Talladega Superspeedway. The FBI said that the rope was a garage door pull that had been place since last October and determined that Wallace was not the target of a hate crime.
At the time, Wallace, said he was “relieved” by the FBI’s findings and thanked officials for treating the incident “as a real threat.”
Wallace is in the final year of his contract with Richard Petty Motorsports. The team reportedly offered him an increased equity stake as part of its effort to re-sign him.
Earlier this month, NBA legend Michael Jordan dismissed a viral rumor that he was interested in investing in Richard Petty Motorsports.