Energy drinks & their brands always position themselves as drinks for the "hardcore" individual. Wave strives to position themselves in a similar way, but for the more general fan. Wave Energy surfed on to the market half a decade ago with the promise to be a healthier alternative to all of those other sugary energy drinks.
The original concept was less involved than it is now, minus the logo which hasn't changed since the beginning of the process, though I guess you'd call it more of a wordmark.