Used as a redox-active catalyst in organic synthesis, particularly in cross-coupling reactions and electrochemical processes. Its stable nickel(II) complex structure with bipyridine ligands enables efficient electron transfer, making it suitable for promoting carbon-carbon bond formations. Also employed in photochemical studies and as a model compound in coordination chemistry research due to its reversible oxidation-reduction behavior. Shows potential in dye-sensitized solar cells and molecular electronics as a charge-transfer component.