Taking some inspiration from Westinghouse, eh?
Looks alright. I agree that the heavier text doesn't work as well as the lighter. At the same time, I think the lighter text you have is a bit too light and is overpowered by the iconographic image.
Something in between, I'd say.
What about thinking of the circle as the window on the front of a washer - have just a level of water inside. Think it could be great.
