PowerShell Error while accessing Excel COM Object

I have powerShell script which uses below statement
$xlApp = New-Object -Com Excel.Application

When I try to run the script it gives the following error.

Retrieving the COM class factory for component with CLSID {00024500-0000-0000-C000-000000000046} failed due to the following error: 80070005.

Could you tell what is wrong.
SURESH0518Asked:
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Rainer JeschorCommented:
Hi,
afaik this code means: Access denied
Where/how do you run this script?
Can you try to open Powershell / ISE with Administrative privs? (right click -> run as admin)
Do you run the script in 32bit mode (assuming you have Excel not in 64bit installed)
HTH
Rainer
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