I think 12 years is an underestimate. Lithium-ion batteries will degrade, but they still have usable capacity. There are Tesla Roadsters still going strong, 15 years in. And the battery cell chemistry has since shifted to LFP, which has longer cycle life.

Furthermore, I would expect that an industrial battery is treated better than an EV. Optimal cooling/charging/discharge rates likely have a large impact on longevity.