Nickel Nitrate Nickel Nitrate is a green crystalline solid chemical compound that is soluble in water. The compound is used in nickel plating. It is also used to make nickel catalyst in various chemical factories. Being a noncombustible compound, Nickel Nitrate accelerates the burning of various combustible materials. Nickel Nitrate may explode if large quantities are involved in a fire. Explosion may occur if the combustible material is finely divided. Even prolonged exposure to fire or heat may result in an explosion. Burning nickel nitrate produces toxic oxides of nitrogen. Complexes with tetrammine and tetrahydrazine are explosive.