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It is a widely used precursor to homogeneous catalysts. This is a chiral catalyst capable of asymmetrically hydrogenating certain prochiral alkenes. Chloro(1,5-cyclooctadiene)rhodium(I) dimer is also used in the synthesis of other metal ligands for use in catalysis.
Monney, A.; Nastri, F.; Albrecht, M. Peptide-Tethered Monodentate and Chelating Histidylidene Metal Complexes: Synthesis and Application in Catalytic Hydrosilylation. Dalt. Trans. 2013, 42, 5655.
Knowles, W. S. Asymmetric Hydrogenations (Nobel Lecture 2001). Adv. Synth. Catal. 2003, 345 (1-2), 3.