Used as a highly efficient catalyst in homogeneous catalysis, particularly in transfer hydrogenation reactions of ketones and aldehydes. It facilitates the reduction of carbonyl compounds to alcohols using hydrogen donors like isopropanol. Also employed in C–H activation and dehydrogenation processes due to its stability and tunable electronic properties. The complex shows good selectivity and activity under mild reaction conditions, making it valuable in synthetic organic chemistry and pharmaceutical intermediates production.