Used as a reducing agent in organic synthesis, particularly for the reduction of esters, amides, and nitriles to their corresponding alcohols or amines. It is also employed in hydrogen storage applications due to its ability to release hydrogen gas upon decomposition. In material science, it serves as a precursor for the preparation of boron-containing thin films and coatings. Additionally, it is utilized in the synthesis of complex hydrides for advanced battery technologies. Its stability in tetrahydrofuran makes it a convenient reagent for reactions requiring anhydrous conditions.