The Co(I) complex, [Co(N 2 )( Cy PNP)] ( Cy PNP = anion of 2,5-bis-(dicyclohexylphosphinomethyl)pyrrole), is active toward the catalytic hydrogenation of terminal alkenes and the semi-hydrogenation of internal alkynes under 2 bar of H 2 (g) at room temperature. The products of alkyne semi-hydrogenation are a mixture of E-and Z-alkenes. By contrast, use of the related cobalt(I) precatalyst, [Co(PMe 3 )-( Cy PNP)], results in formation of exclusively Z-alkenes. A semi-stable Co(II) species, [CoH( Cy PNP)], can also be generated by treatment of degassed solutions of [Co(N 2 )( Cy PNP)] with H 2 . The Co II -hydride displays activity toward both alkene hydrogenation and isomerization, but its instability hampers implementation as a catalyst. Several species relevant to potential catalytic intermediates have been isolated and detected in solution. These compounds include alkene and alkyne adducts of Co(I) as well as a Co(III) dihydride species. Catalytic results with the compounds examined are most consistent with a process involving shuttling between Co(I) and Co(III) states. However, generation of small quantities of Co(II) during catalytic turnover appears to be responsible for the isomerization observed for alkyne semi-hydrogenation. The interplay of cobalt oxidation states within the same catalyst system is discussed in the context of mechanistic scenarios for catalytic hydrogenation.