I had this same issue, there was no issue regarding memory in my server machine, Finally i was able to fix it by following steps
3.Find "Microsoft Excel Application" in right side.
4.Open its properties by right click
5.Under Identity tab select the option interactive user and click Ok button.
Check once again. Hope it helps
NOTE: But now you may end up with another COM error "Retrieving the COM class factory for component...". In that case Just set the Identity to this User and enter the username and password of a user who has sufficient rights. In my case I entered a user of power user group.