This compound is primarily utilized in the field of organometallic chemistry and catalysis. It serves as a precursor for generating highly reactive cobalt complexes, which are essential in various catalytic processes, including hydrogenation and carbon-carbon bond formation reactions. Its stability and unique electronic properties make it suitable for use in electrochemical applications, such as in the development of redox-active materials. Additionally, it is employed in research focused on studying electron transfer processes and designing molecular electronics. The compound's robust structure also allows it to be used in the synthesis of advanced materials with potential applications in energy storage and conversion systems.