Error when running actxserver ('Excel.Application') from a standalone application

My standalone application compiled with Matlab application compiler (R2018b) produces an error when executing this statement in the code:

hExcel = actxserver('Excel.Application');

The error is: "myapp crashed in function actxserver line 93 due to the following ERROR: Server creation failed. Invalid ProgID 'Excel.Application'."

When I run the code from the Matlab command window there is no error. Do I need to pass any arguments to mcc when compiling the application?