Sierra Nevada Completes Investment Financing Round a Month Early

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Sierra Nevada Corporation's Dream Chaser shuttle. (Credit: Sierra Nevada)

Sierra Nevada Corporation’s Dream Chaser shuttle. (Credit: Sierra Nevada)

Sparks, Nev., – June 25, 2013 (SNC PR) – Sierra Nevada Corporation (SNC) has successfully completed another Dream Chaser® milestone under NASA’s Commercial Crew Integrated Capability (CCiCap) agreement. The CCiCap Investment Finance milestone represents SNC’s commitment to significantly invest its own dollars into the design, development and testing of the Dream Chaser Space System. The milestone, which was originally scheduled to be complete in July, was completed in early June, a month ahead of schedule.

[Editor's Note: SNC's Space Act Agreement with NASA indicates that this investment financing round totals $12.5 million, including an unspecified co-investment by the company. Please see the milestones table below.]

SNC is committed to the successful development and deployment of the Dream Chaser Space System by investing company resources in support of NASA’s CCiCap program requirements. The additional funding supports the purchase of equipment, facility expansion, modifications, upgrades and the purchasing or licensing of intellectual property to support programs.

“SNC is a privately held company that is firmly committed to invest SNC’s own capital to support Dream Chaser. We believe it is critical to our nation to return a U.S. vehicle with U.S. astronauts to the International Space Station,” said Eren Ozmen, SNC’s president and chief financial officer. “In these uncertain financial times of budget cuts and sequestration, it is even more necessary that the commercial crew partners step up and invest in their own programs. SNC has continued substantial finances to the Dream Chaser throughout the entire Commercial Crew Program.”

One of SNC’s investments in the program is the recent opening of a new facility that houses Dream Chaser personnel along with upgraded laboratories, including a new state-of-the-art flight simulator. The new building is located in Louisville, Colo., close to SNC’s Space Systems’ current headquarters in the Colorado Technology Center.

“NASA is paying our Russian partners to fly astronauts to the International Space Station. We want to take that money, pay an American company for those transportation services and return crew launch capabilities to U.S. soil,” said Ed Mango, NASA Commercial Crew Program manager. “This will only be possible if NASA and its partners continue to make this a joint endeavor.”

In addition to this recent milestone, SNC has completed three major milestones under the CCiCap agreement, including the Integrated System Baseline Review, the Program Implementation Review and the first Integrated System Safety Analysis Review. SNC completed milestone five ahead of milestone four, which is on schedule to be completed later this year.  Milestone four will mark the conclusion of the flight test series that Dream Chaser is currently undergoing at NASA’s Dryden Flight Research Center in Edwards, Calif.

About Sierra Nevada Corporation’s Space Systems

Sierra Nevada Corporation’s Space Systems business area based in Louisville, Colo., designs and manufactures advanced spacecraft, space vehicles, rocket motors and spacecraft subsystems and components for the US Government, commercial customers as well as for the international market.  SNC’s Space Systems has more than 25 years of space heritage in space and has participated in over 400 successful space missions through the delivery of over 4,000 systems, subsystems and components.  During its history, SNC’s Space Systems has concluded over 70 programs for NASA and over 50 other clients. For more information about SNC’s Space Systems visit www.sncspace.com.

About Sierra Nevada Corporation

Sierra Nevada Corporation (SNC), headquartered in Sparks, Nev., is one of America’s fastest growing private companies based on its significant expansion and reputation for rapid, innovative, and agile technology solutions in electronics, aerospace, avionics, space, propulsion, micro-satellite, aircraft, communications systems and solar energy. Under the leadership of CEO Fatih Ozmen and President Eren Ozmen, SNC employs over 2,500 people in 30 locations in 16 states. SNC’s six unique business areas are dedicated to providing leading-edge solutions to SNC’s dynamic customer base.

SNC is also the Top Woman-Owned Federal Contractor in the United States. Over the last 30 years under the Ozmen’s leadership, SNC has remained focused on providing its customers the very best in diversified technologies to meet their needs and has a strong and proven track record of success. The company continues to focus its growth on the commercial sector through internal advancements and outside acquisitions, including the emerging markets of renewable energy, telemedicine, nanotechnology, cyber and net-centric operations. For more information on SNC visit www.sncorp.com.

Sierra Nevada Commercial Crew Milestones Status
Award Period: August 2012 – May 2014

No. Description Date Status Amount
1. Program Implementation Plan Review. This is an initial meeting to describe the plan for implementing the Commercial Crew Integrated Capability Program, to include management planning for achieving CDR; Design, Development, Testing, and Evaluation activities; risk management to include mitigation plans, and certification activities planned during the CCiCap Base Period. August 2012 Complete $30 Million
2. Integrated System Baseline Review. The Integrated System Baseline Review (ISBR) demonstrates the maturity of the baseline CTS integrated vehicle and operations design of the Dream Chaser Space System (DCSS) consisting of Dream Chaser spacecraft, Atlas launch vehicle, Mission Systems, and Ground Systems supports proceeding with the detailed CTS design. October 2012 Complete $45 Million
3. Integrated System Safety Analysis Review #1. The purpose of the Integrated System Safety Analysis Review #1 is to demonstrate that the systems safety analysis of the Dream Chaser Space System (DCSS) has been advanced to a preliminary maturity level, incorporating changes resulting from the Preliminary Design Review, The DCSS consists of the Dream Chaser spacecraft, launch vehicle, ground systems and mission systems. January 2013 Complete $20 Million
4. Engineering Test Article Flight Testing. The purpose of these additional free flight test(s) is to reduce risk due to aerodynamic uncertainties in the subsonic approach and landing phase of flight and to mature the Dream Chaser aerodynamic database. A minimum of one and up to five additional Engineering Test Article free flight test(s) will be completed to characterize the aerodynamics and controllability of the Dream Chaser Orbital Vehicle outer mold line configuration during the subsonic approach and landing phase. April 2013 Pending $15 Million
5. SNC Investment Financing #1. This funding represents SNC’s commitment for significant investing financing. SNC to provide program co-investment of [REDACTED]. July 2013 Complete $12.5 Million
TOTAL TO DATE: $107.5
Million
6. Integrated System Safety Analysis Review #2. The purpose of the Integrated System Safety Analysis Review #2 is to demonstrate that the systems safety analysis of the Dream Chaser Space System. October 2013 Pending $20 Million
7. Certification Plan Review. The Certification Plan Review defines the top level strategy for certification of the DCSS that meets the objectives for the ISS Design Reference Mission described in CCT-DRM-1110 Rev Basic. SNC shall conduct a review of the verification and validation activities planned for the Dream Chaser Space System (Dream Chaser spacecraft, Atlas launch vehicle, Ground and Mission Systems). November 2013 Pending $25 Million
8. Wind Tunnel Testing. The purpose of this testing is to reduce risk on both the DC vehicle and the DC/Atlas stack by maturing the DC and DCiAtias aerodynamic databases, providing improved fidelity in Reynolds number effects and control surface interactions, and will help determine pre-CDR required updates to the OML or control surface geometry if required. February 2014 Pending $20 Million
9. Risk Reduction and TRL Advancement Testing. The purpose of these tests is to significantly mature all Dream Chaser systems to or beyond a CDR level. May 2014 Pending $17 Million
9a. Main Propulsion and RCS Risk Reduction and TRL Advancement Testing. The purpose of these tests is to significantly mature the Dream Chaser Main Propulsion System and Reaction Control System to or beyond a CDR level. Risk reduction and Technology Readiness Level improvement tests will be completed for these systems. May 2014 Pending $8
Million
TOTAL: $212.5 Million

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