The problem was a DCOM configuration issue. All the appropriate permissions were set, but the application was not configured to run as the interactive user. I suspect that this problem is relatively uniquely identified by the combination of being able to launch the process but not being able to connect to it afterwards.
The setting for this can be found in Component Services (dcomcnfg), under:
Component Services > Computers > My Computer > DCOM Config > Microsoft Excel Application
. Right click this, select 'Properties', and configuration for which user account to run under is found on the 'Identity' tab.
An additional problem that I found along the way was that 'Microsoft Excel Application' was not initially listed in Component services, due to having 32-bit Excel on 64-bit Windows.
A solution for this, found here, was to run the 32-bit version of mmc (which can be done from the command line by starting with argument -32
) and use the Component Services snap-in