Piquet spent almost two full seasons in Formula One before moving to NASCAR in 2010.
SH Racing is owned by James Sullivan, a partner in IndyCar Series team KVSH Racing. The IndyCar team won the Indianapolis 500 last season with Tony Kanaan.
SH Racing was formed in 2010 initially competing in motocross, but first tried Global Rallycross in the 2013 X Games with driver Scott Speed.
The team will run the full season this year with Piquet driving the No. 07 Ford Fiesta ST. The car will be sponsored by N.O.-XPLODE in six of the 10 events, including the X Games in Austin, Texas.