This chemical is primarily utilized in catalysis, particularly in organic synthesis processes. It serves as a catalyst in hydrogenation and transfer hydrogenation reactions, which are crucial for producing fine chemicals and pharmaceuticals. Additionally, it is employed in the development of advanced materials, including coordination polymers and metal-organic frameworks (MOFs), due to its ability to form stable complexes. Its unique properties also make it suitable for research in photochemistry and electrochemistry, where it aids in studying electron transfer processes and light-induced reactions.