The reactivity of a CoI-H2 complex was extended toward the semihydrogenation of internal alkynes. Under ambient temperatures and moderate pressures of H2, a broad scope of alkynes were semihydrogenated using a CoI-N2 precatalyst, resulting in the formation of trans-alkene products. Furthermore, mechanistic studies using 1H, 2H, and para-hydrogen induced polarization (PHIP) transfer NMR spectroscopy revealed cis-hydrogenation of the alkyne occurs first. The Co-mediated alkene isomerization afforded the E-selective products from a broad group of alkynes with good yields and E/Z selectivity.