We describe the synthesis of a cobalt(I)-N2 complex (2) supported by a meridional bis-phosphino-boryl (PBP) ligand. Complex 2 undergoes a clean reaction with 2 equiv of dihydrogen to afford a dihydridoboratocobalt dihydride (3). The ability of boron to switch between a boryl and a dihydridoborate conformation makes possible the reversible conversion of 2 and 3. Complex 3 reacts with HMe2N-BH3 to give a hydridoborane cobalt tetrahydridoborate complex. We explore this boryl-cobalt system in the context of catalytic olefin hydrogenation as well as amine-borane dehydrogenation/transfer hydrogenation.