Ford (F) has beefed up its interest in electric truck manufacturer Rivian with a $500 million investment in the company. In addition to the multi-million-dollar investment, the companies have agreed “to develop an all-new, next-generation battery electric vehicle,” which will help to grow Ford’s EV portfolio.

“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” RJ Scaringe, Rivian founder and CEO said. “Ford has a long-standing commitment to sustainability, with Bill Ford being one of the industry's earliest advocates, and we are excited to use our technology to get more electric vehicles on the road.”

Rivian’s electric-vehicle lineup includes the five-passenger R1T pickup truck and the seven-passenger R1S SUV. According to the company, the vehicles will deliver up to 400-plus miles of range and will be available in late 2020.

The investment from Ford will build on Rivian’s flexible skateboard platform to create a new electric-powered vehicle for the automaker. The new vehicle will also help to extend Ford’s current battery-electric vehicle offering.

Ford previously announced that it was investing $11 billion in EV development and has confirmed that it will come to market with a fully-electric Mustang-inspired crossover vehicle in 2020 and a zero-emissions F-150 pickup truck.

At the time that the Ford investment is approved by regulators, Joe Hinrichs, Ford president of Automotive will join Rivian’s seven-member board of directors.

Shares of Ford stock were up 0.21 percent as of 11:14 a.m. ET on Tuesday.

Ford Electric Trucks Ford confirmed that it will produce all-electric F-Series trucks to better compete in the global markets. A Ford F-150 pickup truck is offered for sale a dealership on Sept. 6, 2018 in Chicago, Illinois. Photo: Getty Images/Scott Olson