OLEOTEK has been founded November 28th 2002 as a not for profit corporation having for mandate the management of the activities of the Centre collegial de transfert de technologie in industrial oleochemistry from the Cégep of Thetford. OLEOTEK is supported financially by the Ministère du Développement économique, de l'Innovation et de l'Exportation (MDEIE) and the Ministère de l'Éducation, du Loisir et du Sport (MELS).

The creation of the center follows efforts targeting regional economic diversification in industrial oleochemistry.

The center’s acitivities started in February 2003 under the direction of Benoit Pelletier, executive director, and David Berthiaume, scientific director. Right from start, the team focussed on building its expertise by achieving concrete projects, such as the development of lubricants and insulating oils.

In spring 2004, with the support of the Ville de Thetford Mines, OLEOTEK moved in larger temporary spaces in order to accommodate its growth and new equipment.

In February 2005, the team has grown to 7 members. The team succeeded in consolidating its scientific expertise and its infrastructures through numerous research projects in partnership with client businesses, and also offers technical support and consulting services.

In July 2006, David Berrthiaume is named Executive director for OLEOTEK and Alain Tremblay takes his place as Scientific director. Next September, the Technopole de la région de Thetford is founded as an independent organisation and Jean Laflamme takes its lead.

In June 2007, again through the support of the Ville de Thetford Mines, OLEOTEK moves in a permanent location on rue Mooney Ouest. The same year, Cyril Devauchelle is named Business development director.

Year 2008 is highlighted by the construction of an explosion-proof pilot plant, with starts its operations in 2009. The growing number of ongoing projects led to the growth of the team, which now counts 11 members, and a business volume over 1 million dollars for the first time.