On Wednesday, privately-held space exploration company Sierra Nevada Corp announced that it has added Lockheed Martin's (NYSE:LMT) Space Systems division to its "SNC Dream Chaser" team.

Lockheed will help Sierra with its work on a $10 million, Phase 1 National Aeronautics and Space Administration (NASA) Certification Products Contract, aimed at certifying Sierra's Dream Chaser space shuttle as safe to use as an "orbital crew transportation system." Lockheed will also be responsible for building the Dream Chaser's composite structure.

Along with fellow privately-held space company SpaceX and, also, Boeing  (NYSE:BA), Sierra is seeking a Commercial Crew Program contract from NASA to build a next-gen space shuttle. This would be used for transportation to and from space (the "to" part being piggybacked atop an Atlas V rocket), ferrying astronauts between Earth and the International Space Station.


Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.