LM was awarded $1 billion in funding from the Defense Department to begin production of six F-35B STOVL aircraft. The Defense Department funds are part of a $2.2 billion contract for 12 aircraft awarded to Lockheed Martin in May.

The announced release of funds is a result of recent successful test flights of the F-35B and a propulsion system review in June and July. The F-35 STOVL aircraft production is an effort to fulfill U.S. Marine Corps aviation requirements. Officials say 340 F-35Bs are expected to be produced.

"Getting these STOVL aircraft into production quickly is critical to supporting the U.S. Marine Corps aviation recapitalization objectives," Dan Crowley, Lockheed Martin executive vice president, said in a statement.

"We will continue to ramp up until we reach a peak rate of one F-35B per working day in the middle of the next decade."