I am not a graphic designer, but if I was briefing for a design to support a brand identity, I would stay away from playing with the letters or the name.
Process Wire, as a phrase, works very well both in a branding sense and in a descriptive sense.
Moving to PW is a useful chatting short-cut, but no longer delivers the brand phrase or, indeed any brand values.
So, in that case, the brief would be to look for an easily repeatable (and easily modifiable*) logo/design that can be used in conjunction with the words Process Wire, rather than trying to replace them.
A good solid logo without letters has a very long life span while remaining adaptable to changing trends and, indeed, the success of the brand.
*Note: it should be modifiable in that it can work with different colours and in different contexts, while retaining a shape that is set in stone. This makes is multi-use from the outset which saves a lot of heart ache later.
JS