After rewinding/pausing that episode about 5 times each time it was shown, I can say with high confidence that its a new Wave. When Joe takes it out of the sheath initially, you can see the locking mechanism at the bottom of the handles, making it a Surge or new Wave. Later in the episode you get the profile of the pliers and you don't see any indents in them. If you look on the LM site, the Surge pliers have indents on the flat sides, whereas the Wave pliers are smooth.
As a sidenote, it was an excellent episode, one of my new favorites.