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.
PS C:\Users\jachymko> $e = new-object -com excel.application
PS C:\Users\jachymko> $e.workbooks.add()
Exception calling "Add" with "0" argument(s): "Old format or invalid type library. (Exception from HRESULT: 0x80028018 (TYPE_E_INVDATAREAD))"
At line:1 char:17
+ $e.workbooks.add <<<< ()
+ CategoryInfo : NotSpecified: (:) [], MethodInvocationException
+ FullyQualifiedErrorId : ComMethodTargetInvocation
PS C:\Users\jachymko> & {
>> [threading.thread]::CurrentThread.CurrentCulture = 'en-US'
>> $e = new-object -com excel.application
>> $e.workbooks.add()
>> $e.visible=1
>> }
>>