Is this a government venture or private? I read that it is private but then I see quotes about the PM like this.

Private but partially funded by the government; the PM was at the launch and had (before the crash) been trumpeting it as a success for the country as a whole

I understood incorrectly then. Nice to hear.

What he said was more along the lines of "I hope we'll try again in a couple of years", really non committing.

It doesn't make much difference any way. It's a private venture, his statement was just meant as cheer leading / consolation. I do hope they'll have another go, but it has very little to do with who's in government.