The following code throws an exception in Powershell V1 (Excel 2007):
$E = New-Object -COM "Excel.Application"
$E.Visible = $True
$wb = $E.Workbooks.Add() #<<<Exception here
The error says that the format might be old or that the type library is not valid (translated from Spanish). A similar script for Word works just fine.
I had this issue when trying to open a workbook. I added this line:
Office interop assemblies seem to have this problem when the current culture is not en-US. The obvious workaround is to set the culture.
It's important to run the whole thing as a single command on the interactive console, since PowerShell V1 always creates a new thread for each command invocation.
Adapted to Powershell from one of the solutions proposed in MS Help and Support Article 320369.
From the same article: