Used as a catalyst in organic synthesis, particularly in oxidation reactions where it facilitates the conversion of hydrocarbons to alcohols or ketones. It is also employed in the study of electron transfer processes in biological systems, mimicking the behavior of natural enzymes. In material science, it serves as a component in the development of sensors and photovoltaic devices due to its unique photophysical properties. Additionally, it is utilized in research focused on understanding the role of vanadium in biochemical pathways and its potential therapeutic applications.