A carbon fiber manufacturing company, started by a three-time Tour de France winner, plans to invest more than $100 million and create 242 new jobs in Oak Ridge.

Last month, Greg Lemond explained to 10News that he came to East Tennessee on a mission to innovate bicycle manufacturing.

He toured Oak Ridge National Laboratory's Carbon Fiber Technology Center and their technological developments caught his attention.

Connie Jackson, the inventor behind ORNL's new carbon fiber technology and CEO of LeMond Composites, designed a process that could produce high volumes of carbon fiber at a lower cost.

Now Jackson and Lemond are working together to bring the high-volume, low-cost carbon fiber into real-life applications.

Gov. Bill Haslam and Economic and Community Development Commissioner Randy Boyd revealed Wednesday the LeMond Composites investment totals $125 million for the creation of its first carbon fiber production line.

The Oak Ridge facility is located at 103 Palladium Way, which is adjacent to Oak Ridge National Laboratory's Carbon Fiber Technology Facility.

LeMond Composites plans to break ground on the facility in January 2017. The first commercially available product is expected to be ready in early 2018.