Update: The issue is actually the number of fonts declared - with the maximum being 3. The example above causes a problem, but remove one of the fonts, and it is fine.
We have tested this issue with the following sample code and found, it generates corrupt Excel file.
We have logged this issue in our database for investigation and for a fix. Once, the issue is resolved or we have some other news for you, we will let you know asap.
This issue has been logged as
CELLSNET-45749 - Html String having multiple Fonts corrupts the output Excel file
This is to inform you that we have fixed your issue CELLSNET-45749 now. We will soon provide the fix after performing QA and including other enhancements and fixes.