Reversible homolytic dissociation of the bis(pyrimidinenorcorrole) σ-dimer was elucidated by means of variable temperature ESR and H NMR spectroscopy, mass spectrometry, and optical spectrocopy. Dehydrogenation of the σ-dimer yielded another dimer displaying a singlet-triplet equilibrium in solution, strong NIR absorption (1570 nm), and a narrow electrochemical HOMO-LUMO gap (0.74 V).