Reynolds and Youlden will vye for their second Bathurst 1000 win together after last winning the crown jewel event in 2017.
“It doesn't get any better than this,” said Reynolds.
“The Bathurst 1000 is such a special, iconic Australian event and to be able to have my country's flag on the car, I couldn't be more proud.”
Penrite Racing head of motorsport Jarrod Harding added: “As an Australian family-owned business, we are proud to be again represented at the biggest Motorsport race in the country.
“To us, being Australian owned and made is a great point of difference from our competition. We make our products in Australia to suit local conditions made to the highest specifications”.
“Testing our products on the Mountain over many gruelling kilometres is a great way to showcase the quality and performance of our products, and what a better way to do it than in an Australian themed livery.”
This year's Bathurst 1000 will be the first for Reynolds in a Ford since 2015.