The 38-year-old Riggs, who drove last year with Haas CNC Racing, will be racing in his sixth Cup season.
Baldwin, who announced the formation of the team earlier this month, will also be crew chief for the startup operation.
"I look forward to working with Tommy," Riggs said. "I think we can work together to build something really strong. I feel fortunate to work with someone like Tommy who has so much experience."
Riggs has four top-five finishes, 16 top-10s and three poles in 167 Cup starts since 2004.
No sponsor has yet been named for the car.
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