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Recent ultrafast experiments have unveiled the time scales of vibrational cooling and decoherence upon photoexcitation of the diplatinum complex [Pt2(P2O5H2)4]4– in solvents. Here, we contribute to the understanding of the structure and dynamics of the lowest lying singlet excited state of the model photocatalyst by performing potential energy surface calculations and Born–Oppenheimer molecular dynamics simulations in the gas phase and in water. Solvent effects were treated using a multiscale quantum mechanics/molecular mechanics approach. Fast sampling was achieved with a modified version of delta self-consistent field implemented in the grid-based projector-augmented wave density functional theory code. The known structural parameters and the PESs of the first singlet and triplet excited states are correctly reproduced. Besides, the simulations deliver clear evidence that pseudorotation of the ligands in the excited state leads to symmetry lowering of the Pt2P8 core. Coherence decay of Pt–Pt stretching vibrations in solution was found to be governed by vibrational cooling, which is in agreement with previous ultrafast experiments. We also show that the flow of excess Pt–Pt vibrational energy is first directed toward vibrational modes involving the ligands, with the solvent favoring intramolecular vibrational energy redistribution. The results are supported by thorough vibrational analysis in terms of generalized normal modes.